CHICAGO, IL - SEPTEMBER 08: A GE microwave oven is offered for sale at an appliance store on September 8, 2014 in Chicago, Illinois. Sweden's Electrolux AB, makers of Electrolux and Frigidaire appliances, announced today that it has agreed to purchase General Electric Co's (GE) appliances business for $3.3 billion in cash. (Photo by Scott Olson/Getty Images)
General Electric is cutting 12,000 jobs as its new CEO tries to turn the troubled company around.
However, jobs at GE Aviation in Dayton and Greater Cincinnati will not be affected, according to spokesman Rick Kennedy.
"We are doing very well," Kennedy said.
The eliminated jobs are in the electrical power division, which makes the giant turbines and generators that the company estimates provide about one-third of the electricity produced around the world.
GE is by far the worst-performing stock in the Dow this year, down 44%, and CEO John Flannery, who took over in August, has been trying to slash costs.