General Electric Company (NYSE:GE) Announces Shut Down of Fort Edward, To Affect 200 Employees

Boston, MA, 11/22/2013 (wallstreetpr) – On Thursday, after fallout of 60-day decision bargaining talks, General Electric Company (NYSE:GE) has arrived at a decision to shut down its capacitor plant located in Fort Edward, New York. The company plans to shift its operations to an existing manufacturing plant in Clearwater, Florida.

Recently, the union of the Ford Edward plant had approached the company and made recommendations for the cost saving plans in a bid to save the ailing plant from being closed down. The union tabled the proposal to cut 20 positions through retirement and utilize the grant money towards the up-gradation of equipments at the plant. The 60-day negotiation period with union workers  came to an end on Sunday after the company firmly took a stance on considering the closure of the plant. The union had requested for the further extension of 30-days to the decision bargaining period, however the same was turned down by the company.

General Electric Company (NYSE:GE) through an official release said that a mutual agreement with the union officials cannot be reached and that the company co-operated to its full in answering the doubts of the union as well as clarifying the challenges of business continuity at the plant. The company said that the recommendations put forth by the union were not sufficient to justify the feasibility of continuing the plant operations over that of the proposed move. The company validated the decision of wrapping up its operations at Fort Edward owning to its losses during the past several years.

The date of closure has not been declared as of now and is not expected to take place anytime before September’2014. The decision will impact 200 people working at the plant currently, although the company assured to offer a smooth transition to them through alternative job opportunities and comprehensive benefits.

General Electric Company (NYSE:GE) added to continue to cooperate in environmental remediation work at the plant in accordance with the environmental commitments to New York state.

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Published by Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at recently due to my passion for the markets.

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