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GENERAL ELECTRIC COMPANY (GE)
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General Electric : cuts 12,000 jobs in power division globally

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12/08/2017 | 03:25am CET

BOSTON, U.S. - The industrial conglomerate, General Electric has said that it would cut 12,000 jobs from its power division worldwide as it tries to reduce costs.

The company has said that it is trying to reduce costs as it is looking to improve its global competitiveness.

GE has blamed a series of challenges facing the power sector worldwide, including overcapacity, growth in renewable energy and the “softening” of traditional power markets.

Russell Stokes, the head of the company’s power division said in an official announcement, “This decision was painful but necessary for GE Power to respond to the disruption in the power market. We expect market challenges to continue, but this plan will position us for 2019 and beyond.”

With GE getting a new chief executive, John Flannery, the announcement has come amid a wide-ranging shift at the company.

It is already seeking to streamline a conglomerate with stakes in sectors ranging from light bulbs to medical imaging equipment and jet engines.

According to the company, the job cuts in its power division would help GE save $1 billion, which is part of an overall effort across its businesses to reduce costs by $3.5 billion in 2017 and 2018.

Recently, Flannery announced that the company would be shedding several businesses in the coming years.

Some of these businesses that would be done away with could reach back to the days of its founder, Thomas Edison.

Last month, GE announced that it would cut its dividend, only the second time it has done so since the Great Depression.

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Financials ($)
Sales 2017 124 B
EBIT 2017 8 808 M
Net income 2017 7 225 M
Debt 2017 68 291 M
Yield 2017 5,03%
P/E ratio 2017 25,42
P/E ratio 2018 18,77
EV / Sales 2017 1,78x
EV / Sales 2018 1,66x
Capitalization 153 B
Chart GENERAL ELECTRIC COMPANY
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General Electric Company Technical Analysis Chart | GE | US3696041033 | 4-Traders
Technical analysis trends GENERAL ELECTRIC COMPANY
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 16
Average target price 21,5 $
Spread / Average Target 22%
EPS Revisions
Managers
NameTitle
John L. Flannery Chairman & Chief Executive Officer
Daniel Janki Treasurer & Senior VP-Global Operations
Jamie S. Miller Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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