Full control by GE will now allow it to sell off these assets
12 replies (most recent on top)
It is much easier to layoff the French and sell off the business when you own it completely.
Hey if you clowns are happy to work for peanuts then that’s up to you but no use crying to everyone about the mess you’re in. Get a better job for crissake.
Europeans are lazy... Alstom is a joke.
I wouldn't say alstom was just fine before GE....umm bankruptcy 3 times, French government bailout, leadership fraud. That was all before GE. As for GE buying the rest of the shares, it is a poker game which they already had too much in the pot.
I would not call Europeans lazy. It is a cultural thing...what you might be referring to is our stupid life style where we in the USA have to have everything in sec...we cannot disconnect from our smart phones and leadership thinks that 50-60 hours per week is normal for workers. Sorry but for individual contributors in Europe ..they are limited to 35 hours for france by law. For Switzerland max hours are 45-50 per law. At GE I frequently saw folks work 60 or more hours ...hence the reason GE Power services managed out of Baden is on it a$$ GE service workers in a salary roll (US) work their butts off but their used to be bonus's and decent raises to compensate them. How's that working these days ? So, you moved a very profitable business sectio to part of the world (Baden) where the work week is capped at say 50 hours. Great move GE leadership. That is part of the reason why their power business is struggling to make the money used too.
Once GE has full control, the Renewables HQ will be combined with Power HQ so they can get rid of excess layers of HQ and Management.
Who you calling lazy.We were fine with Alstom till you lot took us over.Everyone knew it was the kiss of death when Ge came on board.We all wanted Seimans
So, now that GE's got full control, what do they do with it? Keep the Wind from Renewables, but bring it into Power? I can't figure that they'll keep the Hydro part of the Renewables business, considering that they got out of it 10 years ago, selling to VA Tech. But these guys they've got here in the US that call themselves Alstom Renewable, A GE company? What gives?
Sounds like GE has to buy out Alstom's shares of these joint ventures under the terms of the original Alstom deal. Why else would GE do this now? Another belated gift from I Melt?
Here is one link to the story
https://www.bloomberg.com/news/articles/2018-05-10/alstom-to-exit-three-energy-ventures-with-ge-for-3-1-billion
Unless I am missing something ..GE never disclosed this at any earnings calls. Also, since when does GE have $3.1 Bill laying around in FY 2018? Now I see why the fire sale is going on in GE divisions. Glad, the company has turned over a new leaf...
Once we have full control we can begin mass layoffs of the over paid lazy European employees. If we can not sell it or spin it off, we will lay them off.