Keyword: General Electric

The other pledges GE failed to honour after acquisition of Alstom

By Guillaume Clerc (Factuel.info)
Jeff Immelt, then CEO of GE, leaving a meeting at the Elysée Palace, June 2014 accompanied by then GE France general manager Clara Gaymard. © Reuters Jeff Immelt, then CEO of GE, leaving a meeting at the Elysée Palace, June 2014 accompanied by then GE France general manager Clara Gaymard. © Reuters

US group General Electric (GE) last month announced it would axe more than 1,000 jobs from its energy arm in France, most of them at its gas turbine plant at Belfort, in the north-east of the country, which it bought from French firm Alstom in 2015. The news, which notably came two days after the European elections in France, caused uproar among trades unions and local politicians, and follows GE’s payment of a 50-million-euro fine earlier this year for failing to honour its pledge, when it acquired Alstom’s energy division, of creating 1,000 jobs by 2018. Mediapart has obtained the contract inked by GE and the French state in November 2014 which set the terms for the sale of the Alstom business, and it reveals that the US group has also failed to honour other commitments towards its operations in France.

Macron the destroyer of French industry

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macron-whirpool

In the immediate aftermath of the European elections, in which the ruling centrists lost to Marine Le Pen's far-right party, the French government has had to deal with impending job losses at three major industrial sites. It is, argues Martine Orange, the outcome of a deliberate policy by President Emmanuel Macron: the massive and organised destruction of French industry. Mediapart's finance and business writer says that as a result France runs the risk of being trapped permanently in austerity and unable to forge an industrial future for itself.

France pledges to fight for plant where GE plans 1,044 job cuts

General Electric's cost-saving plan calls for cutting up to 1,044 positions, mainly at its Belfort site in east France, which employs 4,300 people. 

General Electric faces fines in France for not creating pledged jobs

US corporation General Electric faces fines of 50,000 euros for every job it promised but has failed to create after its purchase in 2014 of the energy arm of French engineering company Alstom, labour minister Muriel Penicaud has said.

General Electric announces 6,500 job cuts across Europe, 765 in France

The cuts follow GE's purchase of France's Alstom energy unit, but Paris warns US firm it must stick by pledge to replace lost jobs with new ones.

US says Alstom, not GE, must pay 700m-dollar bribery fine

US justice department insists the French group should pay the fine and not General Electric which recently bought Alstom's power division.

The Montebourg Method: French minister gives lesson in state intervention over Alstom deal

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Just a few weeks ago the chief executive of French company Alstom suggested that the group had no alternative but to sell its energy section outright to American firm General Electric. But then the economy minister Arnaud Montebourg stepped into the fray and brokered a deal, agreed last weekend, that offers considerably better prospects for one of France's flagship companies. And in doing so, says Martine Orange, the minister has not only scored a personal political victory, he has also shown that the state is not always powerless to intervene on the industrial landscape.

Merkel ally criticises French over Alstom deal

Head of German parliament's economics committee says Paris acted with 'ice-cold national industrial interest' in taking stake in French firm.

General Electric wins bid to buy Alstom energy arm

The US giant has finally won its lengthy bidding against rivals after shareholder Bouygues agreed to sell its stake to the French government.

French government backs GE bid for Alstom

The race of rival bids for French engineering firm's energy arm appeared over as French government backs that of General Electric.

General Electric woos French government with improved Alstom bid

GE's bid for Alstom's energy arm, rivalling that of Siemens and Mitsubishi, now includes offer to leave some assets with the French firm.

French government again tells GE and Siemens to improve Alstom bids

As the deadline looms for sale of French engineering giant's energy arm, Paris threatens veto if counter bids are not improved.

France pushes for concessions as Alstom bidding hits final hours

The race to acquire Alstom's energy arm is entering a crucial week, with Siemens due to present an offer ahead of a cut-off date set by GE.

Mitsubishi and Siemens finalising counter bid for Alstom

The Japanese and German firms are bidding for the French group's energy branch against an existing $17 billion offer from General Electric.

The element of corruption that lurks behind the deal between Alstom and GE

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 © Reuters © Reuters

The long-running saga of negotiations over General Electric’s 16.9 billion-dollar bid for the energy arm of French engineering group Alstom continued this week when GE’s chief executive Jeff Immelt met for further negotiations with French President François Hollande. GE is engaged in a poker match with the French government which has made no secret of its preference for a mooted counter-bid from German firm Siemens, despite the Alstom board’s choice to do a deal with the US giant. But hidden behind all the talk of decisions of industrial strategy, synergy and job guarantees, a quite separate consideration appears to help explain both the rapidity and secrecy of the deal first agreed between between Alstom and GE on April 23rd, the day when a former senior Alstom executive was arrested in the US Virgin Islands on corruption charges. Fabrice Arfi and Martine Orange report.