Four years ago, General Electric Co. (IW 500/6) made a commitment to win France’s approval to buy Alstom SA’s energy business: It would create jobs or pay a hefty fine.
The Boston-based company pledged it would add 1,000 positions in France by end-2018, failing which it would pay the French government a fine of 50,000 euros (US$57,000) for every job not generated. While the French finance ministry says GE had created 323 jobs as of end-April 2018, unions and local officials contest the number, leaving the company facing a maximum fine of 50 million euros.
