BOSTON – General Electric Co. will cut 12,000 jobs in its power division as alternative energy supplants demand for coal and other fossil fuels.
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The company said Thursday that the cuts to both office and production jobs, will help “right-size” GE Power, as traditional power markets, and volume of the fuels that power them, decline.
The company says reducing the number of positions will trim costs by $1 billion at GE Power in 2018.
Last month GE announced that it was slashing its dividend in half and that the conglomerate would narrow its focus to three key sectors — aviation, health care and energy. The company has said it will shed assets worth more than $20 billion in the next couple of years. It’s been paring businesses for over a decade now.
