The Clap
General Electric (NYSE: GE) cutting 20% of its wind workforce.
The Deets
The layoffs will see hundreds of jobs lost, as the company looks to size down the wind business to better position the company and help ensure profitability.
The wind business is faced with increasing costs and increased competition and continues to be affected by the global supply chain crisis as well.
Why this Matters
This year, GE’s renewables business is expected to bring in between $15 billion and $16 billion in sales, 70% of which are from onshore wind activities.
What Now
GE is in the process of splitting the company into three separate companies that specialize in health care, aerospace, and energy.
