Russel Stokes stated on wednesday a reduction of the manufacturing and repair footprint by 15 sites in 2017. I wasn't aware of this - anyone got insights which sites are affected?
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too bad he wasn't a part of the reduction
How many repair sites are there?
To bad NY and Greenville wasn’t one of them but in due time!
Mannheim manufacturing was closed.
No, he definetly said 15 sites. I looked that up in the transcript.
The only one I know ist the former Alstom site in Bexback, Germany. But that was planned since 2016.
It's not 15 sites but 15% of labour workers globally in GE Power's Global Supply Chain.
Alstom will live on
To bad Schenectady wasn’t on the closing list. Or is it?
Bad news far from over for GE
By Brooke Sutherland, Bloomberg News Updated 11:29 pm, Thursday, January 25, 2018
https://www.chron.com/business/economy/article/Bad-news-far-from-over-for-GE-12526999.php
The company disclosed this week that the regulator is looking into how it wound up having to pay $15 billion over seven years to shore up reserves for a legacy insurance business it has reviewed every year since winding it down between 2004 and 2006. More notably, the SEC is also looking into GE's revenue-recognition practices and the controls around its accounting for long-term service agreements throughout the company. That news wiped out earlier gains in GE shares after it affirmed 2018 guidance.