General Electric set to layoff 1,000 LM Wind Power employees

General Electric is set to lay off around 1,000 employees in its LM Wind Power division in the coming weeks. The company in internal communication in January informed the employees about its plan to become smaller, reported Money Control citing sources. The move could potentially also impact its Indian employees the report said.

LM Wind Power business CEO Olivier Fontan in an earlier mail told employees, “As you are all aware, the wind industry is fighting a tough battle to continue to deliver competitive renewable energy in a profitable manner. Due to the market challenges, it is necessary for us to evolve our structure to regain our competitiveness."

In 2017, GE purchased LM Wind Power, headquartered in Denmark, for $1.65 billion. This company specializes in crafting rotor blades for wind turbines and operates under the umbrella of GE Vernova. But, now the company is struggling to deliver renewable energy profitably hence they have turned towards layoffs, reported Money Control.

“While we cannot share the details of the proposals at this stage, if implemented, these proposals could potentially have a net impact of approximately 1,000 role reductions globally, primarily in global functions,” Olivier Fontan's January email said.

Also Watch: Banks, Insurance firms to remain open on Mar 30, 31. Here's all you need to know about what's operational