General Electric said that it would lay off about 10% of the workforce at its aviation subsidiary in the face of the Covid-19 pandemic
By Thomas Gryta and Matt Grossman Updated March 23, 2020 12:05 pm ET General Electric Co. GE -3.91% ’s jet-engine business will lay off about 10% of its U.S. workforce, or about 2,500 employees, one of the first major layoffs by a big American manufacturer as the coronavirus pandemic slows the economy.
Before the coronavirus outbreak, GE had projected improving cash flow from its industrial operations but its aviation unit had been battling a slowdown in production caused by the grounding of Boeing’s 737 MAX jet. GE said Mr. Culp would forgo his salary for the rest of 2020 while aviation CEO David Joyce would give up half his salary. Mr. Culp hinted at more cuts to come, saying the aviation division is working “with the appropriate parties to properly address its global workforce.”
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