GE fined millions for broken job-creation promises

France is adding further troubles to the US-based conglomerate, which is struggling under new management to reassure concerned investors about the the company's financial vigor.

Photo: GE

In 2014, General Electric promised, as a condition for being permitted to buy Alstom's energy division, to have created 1,000 new jobs in France by the end of 2018. The company has in fact only created 25 jobs. Meanwhile, GE is in the process of slashing its workforce in the country by around 470 staff positions, report French labor unions, according to Reuters.

This discrepancy has now prompted France to levy punishment on the US conglomerate. French Finance Minister Bruno Le Maire informs in a statement that GE has received a fine of EUR 50 million, which will be deposited in a state-controlled re-industrialization fund. The ministry further informs that GE has reconfirmed its plans of developing renewable energy projects in France, where the US company's offshore wind division is located.

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