General Electric Co said on Monday it was planning to cut its global workforce in the aviation unit by as much as 25per cent this year, including ...
REUTERS: General Electric Co said on Monday it was planning to cut the global workforce of its aviation unit this year by as much as 25per cent, or up to 13,000 jobs, including both voluntary and involuntary layoffs, citing prolonged aircraft reduction schedules caused by the coronavirus pandemic.
The job cuts are the latest mounting woes for the aviation sector that are now expected to last into 2021 as U.S. passenger air travel demand has fallen by 95per cent.Last week, Boeing Co said it would cut 10per cent of its global workforce, or 16,000 jobs, as it has slowed some production rates, while supplier SpiritAero Systems Holdings said on Friday it is cutting another 1,450 jobs in Kansas.
GE Aviation Chief Executive David Joyce told employees on Monday the"deep contraction of commercial aviation is unprecedented, affecting every customer worldwide. Global traffic is expected to be down approximately 80per cent in the second quarter."GE Aviation previously issued furloughs impacting about 50per cent of its U.S. maintenance, repair and overhaul employees and new engine manufacturing.
Neither GE nor Boeing opted to apply for government assistance from a US$17 billion U.S. Treasury fund for national security related companies. Boeing said it would rely on US$25 billion raised in a new bond offering. Boeing Chief Executive Dave Calhoun said last week he expects it will"take two to three years for travel to return to 2019 levels and it will be a few years beyond that for the industry to return to long-term growth trends."
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