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GE Says There Are No Job Cut Targets

February 02, 2001|Reuters

General Electric Co. said it has not set a target for job cuts across its operations, responding to a report in BusinessWeek magazine that the world's largest company may eliminate 75,000 positions. "We have no targets for layoffs," said GE spokesman Gary Sheffer. General Electric, which employs 340,000 people worldwide, 197,000 of them in the U.S., has repeatedly stated it will eliminate positions over the next few years. But those cuts are more likely to occur slowly, analysts said, noting that GE will not announce one massive overall reduction. The company has eyed layoffs because of overlap with Honeywell International Inc., a defense contractor GE is acquiring, as well as modest volume reductions and a decision to close GE Capital's department-store chain Montgomery Ward. GE also said it wants to "digitize" to cut costs, moving administrative work to an Internet-based system. General Electric shares closed up 25 cents at $46.23 on the New York Stock Exchange.

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