|
GE unit to cut 4,000 staff
|
 |
October 3, 2001: 6:22 p.m. ET
Aircraft engines unit cuts 4,000 staff due to terror-linked slump in aviation
|
NEW YORK (CNNfn) - General Electric's aircraft engine unit announced Wednesday plans to cut as many as 4,000 employees, or 13 percent of the division's workforce.
The reductions will come from aircraft engines' hourly and salaried employees. Cuts will start and continue until early 2002, the company said in a statement. The layoffs could include the 800 employees in aircraft engines' Cincinnati operations and up to 250 employees in its Lynn, Mass. operations.
The GE unit said Sept. 11's terrorist attack accelerated the slowdown in the aviation industry. Prior to the attack, the unit had expected a slowdown for large commercial jet engines to begin in mid-2002. GE aircraft engines, which employs about 30,000 people, said further adjustments may be necessary.
Earlier this week, GE formally terminated its merger with Honeywell.
Shares for GE (GE: up $0.10 to $38.15, Research, Estimates) gained nominally Wednesday, closing at $38.15. In after hours trading on Instinet, GE fell by a nickel to $38.10. 
|
|
|
|
|
 |
|
