Some of the meaningful changes taking place at the company
General Electric Company (NYSE:GE) stated that it will cut around 35 jobs in Schenectady, New York. The main aim is to lay off workers in the clean energy business.
GE stated that economy was the main reason for the job cuts in the energy business. After which it filed a notice on Friday, for Worker Adjustment and Retraining Notification. The layoff is scheduled for April 12, 2017, which will give employees ample time to find other jobs in the region.
The industrial giant is working massively toward restructuring and and massive cost cutting strategies. This will allow it to focus on some of the core business divisions.
We are of the view that General Electric, being the industrial giant, is going to benefit massively with from Donald Trump administration, when he resumes office. This is because the new president plans to invest $1 trillion for infrastructural development and General Electric cannot be ignored in this.
The company is deeply involved in vast variety of industrial activities. Be it power generation or gas production, it is into everything, through which it will make the most of Donald Trump’s regime. It should also not be forgotten that Internet of Things (IoT) is something that it is rapidly progressing and it is going to completely change how the industry is run. The future industry is all about latest software and technology, and making the most efficient use of the machinery available.
General Electric stock traded at $31.36, declining 0.10% on Friday’s close. Shares traded in the 52-week range lying between the ranges $27.10–33. General possesses a huge market capitalization of $276.72 billion with a price to earnings ratio (P/E) of 31.83 and earnings per share (EPS) of $0.99.