Founded at the end of the 19th century by inventor Thomas Edison, General Electric has long been a flagship of American industry, with a sprawling presence in many sectors, from electricity transmission to finance, media and computers. It's been an unusual last three months for General Electric . Coronavirus: SIA shutdown, GE Aviation furloughs, Arconic layoffs Hydrogen Takes Flight: Airbus and CFM International To Partner On Hydrogen-Fueled Demonstration. By using our site, you acknowledge that you have read and understand our Privacy Policy By David Shepardson. Boeing Co. and GE Aviation both announced measures today to cut staff as factories close their doors and clients struggle to sell flights to a country under quarantine. The Boston-based conglomerate in May announced plans to cut the global workforce at its aviation unit by as much as 25% in 2020, or up to 13,000 jobs, citing prolonged aircraft reduction schedules caused by the pandemic. The firm has now wiped more than $70 billion off its debt since 2018, and it made a $7 billion tender during Q2 2021, while its improved balance has enabled it to reduce its credit facility by $5 billion. The information and content are subject to change without notice. But widespread vaccinations aren't expected until spring or summer of 2021. All rights reserved. Meanwhile, the Boeing 737 Max has received U.S. approval to reenter service following two fatal flights, one each in 2018 and 2019, and certifications from other international regulators should soon follow. "The move does add cost, but nimbleness of three focused companies will likely be viewed as an opportunity set to more than offset any new costs," Wells Fargo analyst Joseph O'Dea said in a note to clients. GE Stock Rallies With Vitally Business In 'Upswing' Apr 26, 2022 GEs last major round of local layoffs happened in 2018. Boeing, GE Aviation to Cut Staff with Buyouts, Layoffs By Thomas Gnau. The company has now cut its total workforce by, GE Growth Flat as Split Leads To Restructuring and , GE Aviation eyeing more layoffs in wake of pandemic, GE is cutting up to 13,000 aviation jobs CNN, GE workers protest at two facilities after coronavirus layoffs, GE has nearly halved its U.S. workforce in 3 years, with more , GE union says some Lynn jobs to be moved other locations , Boeing, GE Face Big Aerospace Hiring Crunch Bloomberg.com, GE Plans More Job Cuts in Aviation Division WSJ, Boeing, GE Aviation to Cut Staff with Buyouts, Layoffs, Can You Be Laid Off While On Medical Leave, Can A Company Find Out If You Were Laid Off, Can You Say You Were Laid Off Instead Of Fired, Can You Go On Disability After Being Laid Off, Can You Be Laid Off While On Short-Term Disability.