General Electric (NYSE:GE) is laying off workers at its onshore wind unit as part of a plan to restructure and resize the business, which is grappling with weak demand and rising costs, Reuters reported Wednesday.
GE (GE) reportedly notified workers in North America, Latin America, the Middle East and Africa about the cuts today, and it plans to cut the unit’s onshore wind workforce in Europe and Asia Pacific at a later date.
The cuts are expected to affect 20% of the unit’s workforce in the U,S,, would equate to hundreds of workers, according to the report.
Onshore wind is the largest of GE’s (GE) renewable businesses, but the unit has been battling higher raw material costs due to inflation and supply chain pressures.
General Electric (GE) shares have “almost reached ‘buy’ status but not yet,” Invest Heroes writes in an analysis published recently on Seeking Alpha.