March 23, 2020 / 1:43 PM / in 18 days

BRIEF-GE Says GE Aviation Is Planning To Reduce Approximately 10% Of Its Total U.S. Workforce

March 23 (Reuters) - General Electric Co:

* GE: AN UPDATE ON THE CHALLENGE OF COVID-19

* GE - GE AVIATION IS PLANNING TO REDUCE APPROXIMATELY 10% OF ITS TOTAL U.S. WORKFORCE

* GE - STARTING APRIL 1, DAVID JOYCE, VICE CHAIRMAN OF GE AND PRESIDENT AND CEO OF GE AVIATION, WILL FORGO HALF OF HIS SALARY

* GE - WILL BE A TEMPORARY LACK OF WORK IMPACTING APPROXIMATELY 50% OF ITS U.S. MAINTENANCE, REPAIR AND OVERHAUL EMPLOYEES FOR 90 DAYS

* GE - EXPECT COST AND CASH ACTIONS WILL PRESERVE $500 MILLION TO $1 BILLION IN 2020

* GE CEO H. LAWRENCE CULP, JR SAYS HE WILL FORGO HIS FULL SALARY FOR THE REMAINDER OF 2020

* GE - EACH GE BUSINESS AND CORPORATE WILL NEED TO ADJUST

* GE SAYS HAS NOT SOUGHT ANY PROVISIONS IN STIMULUS BILLS THAT WOULD BENEFIT GE EXCLUSIVELY Source text for Eikon: Further company coverage:

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