According to Bloomberg, in a recent statement made to a group that represents European employees, GE Vernova proposed plans to cut around 900 jobs globally. The cuts come as part of a restructuring of its offshore wind division.
The restructuring follows significant challenges in the offshore wind sector, including inflation, supply chain disruptions, and project delays.
The company has experienced its own recent setbacks with blade failures at a UK offshore wind project and a blade washed ashore in Nantucket, leading to beach closures. The cuts follow a recently projected $300 million loss due to offshore wind costs.
GE Vernova’s stock has risen since its April spinoff, driven by solid growth in its gas turbine and electrification business, with shares up 2.6% on Friday.
GE Vernova, while committed to wind energy, is focusing on balancing profitability and growth in a challenging environment.
Tagged with GE Vernova, wind power
I wonder if the cuts will be spread across all Divisions or concentrated in only their Wind group?