General Electric is cutting jobs in its power division as demand for fossil fuels declines in favor of renewables.
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General Electric Co. is axing 12,000 jobs at its global power business, the struggling industrial conglomerate's latest effort to shrink itself into a more focused company.New GE Chief Executive John Flannery last month outlined plans to shrink GE's sprawling empire of businesses built up by predecessors Jeff Immelt and Jack Welch, whose strategy was based on spreading risk across a broad range of industries.Globally GE employed 295,000 people worldwide at the end of 2016, according to the company website.Hardly any new power station projects had been commissioned in Germany in recent years, GE said.GE rival Siemens said last month it will cut about 6,900 jobs, or close to 2 percent of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables.
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