April 29, 2020 / 12:45 PM / a month ago

General Electric says cut 700 jobs in power unit in first quarter

FILE PHOTO: A IUE-CWA union GE (General Electric) worker takes part in protest demanding the company to use the workforce to produce ventilators and demanding more safety measures amid the coronavirus disease (COVID-19) outbreak, in Lynn, Massachusetts, U.S., April 8, 2020. REUTERS/Brian Snyder

NEW YORK (Reuters) - General Electric Co (GE.N) said on Wednesday it had cut 700 jobs in its power division in the first quarter, and that it was on track to reduce capital expenditure by 25% this year.

The conglomerate’s recent debt refinancing has left it with no debt maturing in 2021, the company said in a conference call to discuss first-quarter earnings.

Reporting by Alwyn Scott; Editing by Chizu Nomiyama

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