General Electric Cuts Workforce At Its Largest Renewable Business Unit: Report - GE Aero (NYSE:GE)

In a bid to restructure and resize its onshore wind unit, General Electric Company GE is laying off employees in North America, Latin America, the Middle East, and Africa.
Onshore wind is the largest of GE's renewable businesses, employing 38,000 people worldwide at the end of 2021.
The cuts are expected to affect 20% of the onshore wind unit's workforce in the U.S., Reuters reported.
The company also plans to cut its onshore wind workforce later in Europe and the Asia Pacific amid weak demand, rising costs, and supply-chain delays.
The report quoted an emailed statement from a GE Renewables spokesperson that said, "These are difficult decisions...but are needed to ensure the business can compete and improve profitability over time."
The report also mentioned that the troubled GE onshore wind unit is also affecting its overall renewable energy business performance.
In July, the company blamed its North American onshore wind business for two-thirds of its renewable revenue decline in Q2.
Price Action: GE shares closed lower by 0.15% at $67.44 on Wednesday.
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