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A General Electric GE9X engine is displayed on a Boeing 777X plane while taxiing for the first flight, which had to be rescheduled due to weather, at Paine Field in Everett, Washington, on January 24, 2020.
Jason Redmond | AFP | fake pictures
General Electric’s aviation unit plans to cut its workforce by 25% this year as the coronavirus pandemic threatens demand for new aircraft.
The company manufactures some of the most widely used passenger jet engines.
“To protect our business, we have responded with difficult cost-cutting actions in the past two months. Unfortunately, more is required as we scale the business to the realities of our commercial market,” said David Joyce, CEO of that unit. GE. employees in a memo.
General Electric is doubly exposed to aviation downturn through GE Aviation’s manufacturing arm and its leasing unit, one of the world’s largest aircraft lessors.
GE shares fell more than 4% in morning trading, a steeper decline than the overall market.
This is breaking news. Please check for updates.
