General Electric: Plans for Over $450M of Investments in the U.S.
The American multinational conglomerate General Electric Company recently announced investment plans for over $450M in existing manufacturing facilities in the U.S. in 2023. The investment will mainly cover new equipment purchases, as well as other improvements, as the company plans to split into two independent companies – aerospace (GE Aerospace) and energy (GE Vernova), which are expected to launch at the beginning of 2024. The upgrades will include cutting-edge equipment, which will secure the strong future of the company.
The investments will take place in multiple facilities, while funds of over $335M are allocated for the aerospace business, focusing on improvements of the assembly, in addition to capacity expansion and upgrades to the safety infrastructure.
The company also revealed the planned investments, which for GE Aerospace include $31M in Lynn, Minnesota, over $17M in Evendale, Ohio, $16M in Auburn, Alabama, over $15M in Peebles, Ohio, $7M in Lafayette, Indiana, and $4M in Madisonville, Kentucky. On the other hand, the investments of the energy company GE Vernova include $35M in Greenville, South Carolina, $20M in Pensacola, Florida, and $11M in Schenectady, New York.
As said by the GE Chairman and the CEO of GE Aerospace, H. Lawrence Culp, Jr., “GE Aerospace is a world leader in aircraft engine production due in large part to the strength and ingenuity of our U.S. employee base,”, adding that “The investments we’re making this year support cutting-edge technology that will help advance the next generation of aerospace manufacturing, ensuring a strong future for our employees, our business, the industry, and our commercial and military customers.”
The U.S. industrial giant General Electric operates 58 manufacturing facilities in the U.S., and apart from the investments, the company plans to hire additional 1,700 employees in both the aerospace and energy businesses.