The aviation segment of General Electric (GE) is reportedly cutting about 13,000 jobs as the coronavirus pandemic cuts the airline industry’s demand for new planes.

The layoffs represent about 25% of GE’s aviation workforce, which produces passenger and military aircraft engines, CNBC reported. The cuts will reportedly include voluntary leaves, including early retirement.

The news of the job cuts was announced in a company memo obtained by the news outlet to employees from GE Aviation CEO David Joyce. Joyce said in the memo, “To protect our business, we have responded with difficult cost-cutting actions over the last two months. Unfortunately, more is required as we scale the business to the realities of our commercial market.”

GE is not alone in its layoffs, as aircraft manufacturer Boeing said it would reduce its workforce by 10% as new order slump for the aircraft manufacturer because of the COVID-19 situation.

GE saw its Q1 revenue decline by 8%, with GE Aviation reporting a 13% drop in revenue.

Shares of GE stock were down 5.15% as of 2:28 p.m. EDT on Monday.

General Electric reported higher first-quarter profits on a gain from a divestiture, but warned that the current quarter would see a bigger hit from the coronavirus General Electric reported higher first-quarter profits on a gain from a divestiture, but warned that the current quarter would see a bigger hit from the coronavirus Photo: AFP / PATRICK HERTZOG