GE Aviation plans to cut 13,000 jobs as coronavirus hits air travel demand
A General Electric GE9X engine is pictured on a Boeing 777X airplane as it taxis for the first flight, which had to be rescheduled due to weather, at Paine Field in Everett, Washington on January 24, 2020.

General Electric 's aviation unit revealed plans on Monday to slash its workforce by 25% — roughly 13,000 jobs — this year as the coronavirus pandemic threatens to drive down demand for new aircraft.

The unit manufactures some of the most commonly used passenger and military aircraft engines and provides services including engine overhauls to the aviation sector.

"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 Aviation CEO David Joyce told employees in a memo.

The reductions will include voluntary measures like early retirements.

General Electric fell more than 4% on Monday to close at $6.21, while the S&P 500 ended 0.4% higher.