(MENAFN) As the U.S. multinational responds to a sharp fall in demand for fossil fuel power equipment, General Electric (GE) is to cut around a third of its workforce based in northern Switzerland, Swissinfo reported Thursday.

Over the next two years, GE aims to cut up to 1,400 jobs at its GE Power unit in the northern Swiss canton of Aargau, according to the report.

4,200 people are employed by the company at a unit dedicated to gas and steam turbine production.

However, GE said that no locations would close due to the decision.

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