GE Issues Update On COVID-19 Impact - Quick Facts

(RTTNews) - GE (GE) issued a message to GE Aviation employees on business impact related to COVID-19. The company is developing a plan for permanent reductions to global employee base that it anticipates will bring total reductions in the current year to as much as 25%. Last week, GE reported that Aviation is developing $1 billion of cost actions and $2 billion of cash actions in 2020, which includes these anticipated reductions.

"Global traffic is expected to be down approximately 80% in the second quarter when compared to the start of the pandemic's effect in China in early February. Our aircraft manufacturers have announced reduced production schedules that will extend into 2021 and beyond reacting to the projected prolonged recovery," said GE Vice Chair and President and CEO, GE Aviation David Joyce.