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GE Vernova to trim offshore wind unit, slashing hundreds of jobs

NiseriN/iStock via Getty Images GE Vernova (NYSE:GEV) said it plans to cut the size of its offshore wind business, a move that could result in the elimination of 900 jobs around the world, Reuters reported Thursday. GE Vernova (GEV) cited cost inflation and supply chain challenges that have hurt the wind sector over the last year, but it also has suffered delays to two major projects it is supplying - Vineyard Wind in Massachusetts and Dogger Bank in the U.K. - because of incidents involving its turbine blades. \"The proposal reflects industry wide challenges for wind and aims to transform our Offshore Wind business into a smaller, leaner and more profitable business within GE Vernova,\" the company said. GE Vernova (GEV) has attracted widespread praise from analysts, but the company said last week it expected to lose $300M in its wind segment this quarter.

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