New Delhi, March 30: General Electric (GE) subsidiary, LM Wind Power, is expected to lay off 1,000 employees. This move might a part of what's being referred to as the 2024 layoffs, which is currently affecting various sectors worldwide. The GE layoffs, including those at LM Wind Power, reflect the difficult times many industries are experiencing as they adapt to new market conditions. There might also be a concern that GE layoffs in 2024 could impact a number of Indian employees working for LM Wind Power.
As per a report of Republic World, LM Wind Power, the renewable energy business of General Electric (GE) might lay off 1,000 workforce from its company. In January, Olivier Fontan, CEO of LM Wind Power announced to employees that the company will be laying off some staff soon. Denmark’s LM Wind Power is said to be planning on serving external clients exclusively in coming years. In an email sent in January this year, the GE Renewable Energy company’s CEO informed staff about the future firing. Zee Layoffs: Zee Entertainment Lays Off 50% Employees at Its Bengaluru-Based Technology and Innovation Centre.
It is LM Wind Power that manufactures the blades for wind turbines. GE is a multinational company with its operations in several countries including India, the United States of America, China, Canada, Brazil, Spain, Poland, and Denmark. GE had acquired LM Wind Power in 2017 for $1.65 billion. Layoffs 2024: Stellantis, Unity and Nintendo of America Announce Major Job Cuts, Check Details Here.
As per reports, a new email from the company was sent to employees on March 26 which reportedly mentioned, "We will consider the outcome of the EWC process as we continue to engage meaningfully with our employee representatives at local levels. As a result, within the next weeks, potentially impacted roles at a global level will be communicated." The 1,000 job cut might represent a significant portion of LM Wind Power's workforce and the effects may be felt both locally and internationally, including in India.
(The above story first appeared on LatestLY on Mar 30, 2024 12:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).