General Electric is slashing 1,100 jobs across its UK operations, mainly in Stafford and Rugby, as part of a global cull that will see the conglomerate’s power business axe around 12,000 roles.
GE said the move will allow it to save $1bn (£750,000) in costs by next year.
“This decision was painful but necessary for GE Power to respond to the disruption in the power market, which is driving significantly lower volumes in products and services,” said Russell Stokes, president and chief executive of GE Power.
“Power will remain a work in progress in 2018. We expect market challenges to continue, but this plan will position us for 2019 and beyond.”
GE has been hit hard by dwindling demand for fossil fuel power plants, and Thursday’s announcement is the latest effort by the sprawling company to transform itself into a more focused business.
GE has previously said it would exit its lighting, transportation, industrial solutions and electrical grid businesses. It also plans to ditch its 62.5 per cent stake in oilfield services company Baker Hughes.
Globally GE had around 295,000 employees worldwide at the end of 2016, according to its website.
GE said it had begun talks with labour union leaders about the steps.
Additional reporting by wires
