In a move aimed at cutting billions in debt, General Electric is freezing pension benefits for about 20,000 U.S. employees.

It’s the latest cost-cutting move by CEO Larry Culp, who took over the company last year, and is expected to trim $6-8 million in debt.

A spokesperson called the move one of “several difficult decisions” aimed at “returning GE to a position of strength”. The news sent the company’s stock price up 2.6 percent.

Source: https://www.reuters.com/article/us-ge-pensions-idUSKBN1WM138