GE Layoffs: General Electric’s Energy Company GE Vernova Likely To Lay Off Around 900 Employees From Offshore Wind Business Amid Financial Losses; Check Details
GE Vernova, an energy spinoff company of General Electric, reportedly plans to lay off approximately 900 employees from its offshore wind business due to financial difficulties.
New Delhi, September 21: GE Vernova, the energy company, will reportedly lay off around 900 employees from its offshore wind business amid financial struggles. As per reports, GE Vernova, a spinoff from General Electric, is facing challenges in the wind industry and may lead to about 900 job cuts. The energy company GE Vernova is said to be struggling with offshore wind operations, which have faced financial issues and accidents.
As per a report of The New York Times, GE Vernova may lay off 900 employees from offshore wind as it is dealing with financial pressures. The company’s offshore wind business is reportedly underperforming and the company is expecting losses of USD 300 million in the third quarter of 2024. GE Vernova is also considering focusing its offshore wind business on North America. GE Vernova reportedly seeks to build a smaller and more profitable business amid industrywide challenges for wind. Qualcomm Layoffs: Chip Giant To Lay Off 226 Employees in US Later This Year as Part of Business Diversification Strategy, Starting in November.
The layoffs at GE Vernova could lead to a shortage in construction capacity and might increase equipment prices. It may lead to rising costs for consumer bills and leaving Siemens Gamesa from Germany and Vestas Wind Systems from Denmark to remain as major companies in the industry. GE Vernova shared the proposal of laying off its employees with its European Works Council, which represents its employees. It is an important step before making any job cuts. The company has not disclosed which countries would be most affected due to layoffs. GE Vernova has a large turbine factory in Saint-Nazaire, France, close to the Loire River. IBM Layoffs: Tech Giant Silently Lays Off Around 1,000 Employees Amid Plan To Adopt AI, Make Them Sign NDA To Not Talk Specifics, Says Report.
The company invested USD 400 million to create a large turbine called the Haliade-X for offshore use. However, problems arose when a Haliade-X blade broke in July at Vineyard Wind 1, Massachusetts, which was set to be the first commercial wind farm in U.S. waters. Debris from the broken blade landed on Nantucket's beaches, which caused temporary closures and faced criticism from the fishing industry. Federal regulators paused work on the project but later lifted restrictions. Additionally, two more blades failed at the Dogger Bank wind farm in England.
(The above story first appeared on LatestLY on Sep 21, 2024 03:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).