GE Aviation to furlough half of engine manufacturing workers: Rpt

Yahoo Finance’s Emily McCormick joins Seana Smith to discuss CNBC reporting that GE is gearing up to furlough 50% of its aviation unit’s engine manufacturing staff.

Video Transcript

SEANA SMITH: Welcome back to Yahoo Finance. I'm Seana Smith. We have some new developments here. Just a few moments ago, General Electric reportedly planning to furlough half of its Aviation unit's engine manufacturing staff as the coronavirus continues to really impact the industry. We have Emily McCormick standing by for the latest on this. And Emily, what are the details here?

EMILY MCCORMICK: Well, so CNBC is reporting just moments ago that General Electric is stepping up its plans to furlough now half of its Aviation unit's engine manufacturing staff as the coronavirus continues to take a toll on the travel industry, and of course weighing on airlines and many of those manufacturers of airlines and parts as well.

So this move, according to CNBC, is going to involve thousands of jobs in that all-important GE Aviation unit. And the furloughs will last reportedly for four weeks. This is coming just less than a month, just a couple of weeks after GE Aviation already had announced it would be cutting 10% of its Aviation unit. That would affect roughly 2,600 workers. So again seeing the increasing toll of the coronavirus outbreak on the aviation and aviation parts industry, as illustrated by GE. And we do have shares trading lower just 2.7% right now.