General Electric to pay $57 million for
missing French job target: ministry
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[February 05, 2019]
PARIS (Reuters) - General Electric
is to pay 50 million euros ($57 million) for failing to meet a job
creation target agreed when it took over French group Alstom's energy
business, the French Finance Ministry said on Tuesday. |
The General Electric logo is pictured on the General Electric offshore
wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western
France, November 21, 2016. REUTERS/Stephane Mahe/File Photo |
The
U.S. conglomerate is to pay the money into a reindustrialisation
fund bringing together representatives of the company, local
authorities where it has plants and the government.
When it bought Alstom's energy business in 2015, GE had
committed to maintain jobs for at least three years in France
and create 1,000 net new jobs by the end of 2018.
GE has created only a net new 25 jobs in the face of weak demand
for gas turbines, the Finance Ministry said.
($1 = 0.8754 euros)
(Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta)
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