PARIS (Reuters) - General Electric is to pay 50 million euros ($57 million) for failing to meet a job creation target agreed when it took over French group Alstom's energy business, the French Finance Ministry said on Tuesday.
The U.S. conglomerate is to pay the money into a reindustrialisation fund bringing together representatives of the company, local authorities where it has plants and the government.
When it bought Alstom's energy business in 2015, GE had committed to maintain jobs for at least three years in France and create 1,000 net new jobs by the end of 2018.
GE has created only a net new 25 jobs in the face of weak demand for gas turbines, the Finance Ministry said.
($1 = 0.8754 euros)
(Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app