GE Power Systems Announce Layoffs

July 25, 2002 [] GE Power Systems has announced plans to eliminate approximately 2,500 jobs over the next nine months and expectations of further reductions in late 2003 in response to the reduction in the demand for power generation equipment. The announced employment reductions will occur primarily in the turbine production facilities of its Energy Products business where the volume of U.S. orders and shipments of gas turbines is forecast to decline by 80 percent or more over the next two years. The reductions are expected to occur through a combination of early retirements, attrition and layoffs.
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