Ge announced to today they will close the plant by end of 2019. They are hopeful to move all of our remaining work to India in 12 months. Management seemed delighted by the thought of getting things moved as soon as possible. Hopefully the transfer of work will go smoothly and we can close in no more than 12 months they said. Some work will be outsourced to 3rd party companies. Looking forward to life after GE. Their mismanagement finally ran a good plant in the ground.
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Flannery is not your man here, he was only taking out the trash. Jack Welch is the man responsible for ultimately bringing GE to its knees. GE Capital was the beginning of the end for the giant, failed acquisitions, fraudulent book cooking, and excessive debt ultimately started the downward spiral shortly after Neutron's tenure. "Crooked Jack" took the money and ran. After the Great Recession in 2008-2009 GE was fined 50 million by the SEC for improper accounting practices for years. Immelt was hand picked by "Crooked Jack" to carry on the same shenanigans and beyond that made some very bad investment in oil and power. GE is sadly a company through its management left its core industrial strengths in pursuit of the fast money in (GE Capital) finance and insurance. Today GE is heavily leveraged (debt) and can't pay its bills. What a shame, a one time beautiful prosperous American company now in shambles. There you have it, almost 40 years of ego, greed, deceit, and bad decisions will take you down every time.
To bad Schdy did not get closed! This place is a dump! Morale low, it is a very bad place for a job!
http://www.wdbj7.com/content/news/GE-announces-closure-of-Salem-plant-484963481.html
Here is closing you predicted. Saw some high level friends at GE ...Power is not going to recover for a few more years.
Also, see Trian is thinking GE might be broke up. Great job Flannery!