GE to furlough 50% of U.S. engine assembly, component manufacturing ops staff
FILE PHOTO: The logo of U.S. conglomerate General Electric is seen on the company building in Belfort, France, October 19, 2019. REUTERS/Vincent Kessler
(Reuters) – General Electric Co (GE.N) said on Thursday it would furlough about half its workers in the U.S. engine assembly and component manufacturing operations, a move that would affect thousands of employees, as the coronavirus pandemic hurts travel demand.
“Due to the unprecedented impact of COVID-19 on the commercial aviation industry, GE aviation is implementing a temporary reduction…for up to four weeks,” a company spokesperson said in a statement.
The unit employed about 52,000 people globally as of 2019.
GE’s shares fell as much as 3.1% in afternoon trading.
(This story corrects typo in the headline.)
Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli