NO LOVE AT GENERAL ELECTRIC TRANSPORTATION DIVISION (Updated)

Am I Next? Layoffs at General Electric

Update: According to published reports in the Wall Street Journal and Bloomberg Financial News, General Electric is considering leaving its railroad business (GE Transportation division) as part of a $20 BILLION divestiture of under performing assets. GE options include an outright sale, a partnership, or merger with another entity. This is not the only asset on the table. (10-26-2017)

Original Post ... 

General Electric will stop its manufacturing activities at its 125-year-old Peterborough plant leading to the layoff of more than 350 employees by the fall of 2018 to honor existing orders but will retain approximately 50 people to provide engineering services. According to published reports, there has been a significant decline in the global demand for its product. The Ontario, Canada plant produced a wide variety of motors including large engines for oil and mining, diesel locomotive engines, turbines, and hydroelectric generators. The main union representing GE’s workers complains that the company is outsourcing the work to other foreign nations and remains concerned over health claims of previous workers. A union representative was quoted as saying, "Now the company is rewarding the loyalty of the community by pulling up the stakes and moving jobs out of the country."