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General Electric says France to be spared power business job cuts

General Electric says France to be spared power business job cuts
From Reuters - December 7, 2017

ZURICH, Dec 7 (Reuters) - General Electrics decision to axe 12,000 jobs from its struggling power business will not hit its French operations, a senior GE executive told Reuters on Thursday.

When GE bought Alstom Energy there was a contractual requirement and commitment to the French government that France would not be affected by reductions for a certain period of time, Michael Rechsteiner, the head of GE Power Services Europe, said in a telephone interview after the job cuts news.

We are honouring our commitment.

GE spent 9.7 billion euros (then worth $10.7 billion) in 2015 to buy the energy business of Frances Alstom. The deal aimed to round out GE Powers portfolio by adding steam turbine capabilities to its mainly natural gas turbine power business.

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