GE Power Systems announces restructuring actions to meet new market realities.SCHENECTADY, N.Y.--(BUSINESS WIRE)--March 10, 1995--GE Power Systems (GEPS GEPS General Electric Power System ) today announced a series of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). actions to meet new market realities and remain the world's leading power generation business. These actions, intended to improve cost and efficiency, will result in a business-wide reduction of approximately 950 salaried and 1,000 hourly workers, with 550 salaried and 430 hourly reductions occurring in Schenectady. The remainder of the reductions will take place in production facilities and field locations across the business. These reductions will be achieved over the next six months through the implementation of a voluntary job elimination program, special early retirement options, and layoffs. "Recent marketplace developments have led us to conclude that the opportunity to close orders and deliver units in 1995 is significantly reduced from our view six months ago," said David Genever-Watling, GEPS president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The marketplace clearly still offers significant opportunity and growth, but the financing delays in some offshore projects and uncertainties among U.S. customers over anticipated regulatory changes have caused a lull in shipment opportunities," Genever-Watling added. "It is necessary to size the business now for the opportunities at hand while we continue to develop and introduce new products necessary to remain the most competitive business in the industry." Employees affected by the restructuring will receive long-lead notice in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with company practices, legal requirements, and where applicable, negotiated agreements with unions. GE's comprehensive layoff Layoff 1. When a company eliminates jobs regardless of how good the employees' performance. 2. A risk reduction, made by investment bankers, that minimizes the potential downside associated with a commitment to purchase and sell a stock issue unsubscribed by stockholders holding and work transfer benefits for eligible employees include income payments made in conjunction with weekly unemployment benefits; continued medical, dental, life insurance and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. disability benefits coverage for one year; tuition For tuition fees in the United Kingdom, see . Tuition means instruction, teaching or a fee charged for educational instruction especially at a formal institution of learning or by a private tutor usually in the form of one-to-one tuition. refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies benefits to help pay for retraining re·train tr. & intr.v. re·trained, re·train·ing, re·trains To train or undergo training again. re·train ; and additional income from early access to funds in the GE Savings and Security Program. These benefits would apply to those laid off under the voluntary job elimination program. Many employees are qualified to elect retirement or a special early retirement option. Hourly and nonexempt salaried employees age 60 or older with at least 15 years of service are eligible for a $10,000 retirement bonus. Those electing to retire receive full pension benefits, continued medical and dental plan coverage, life insurance and other benefits. There is special benefits protection for employees with 25 years of service laid off for more than one year which provides continued medical and life insurance coverage at special rates. Layoff benefits counseling and special placement programs would be made available to help employees find new jobs and improve job skills. GE provides a comprehensive benefit and income protection plan for employees placed on layoff which includes financial assistance based on length of service and medical and life insurance coverage for up to one year from date of layoff. In addition, programs will be set up to help affected employees find new jobs. CONTACT: GE Power Systems Leonard K. Doviak Office (518) 385-4559 Home (518) 449-5933 |
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