General Electric announced plans on Thursday to pour over $450 million into its existing U.S. manufacturing facilities this year.
The investment encompasses equipment and facility upgrades as well as hiring for 1,700 positions in its aerospace and energy businesses, according to the release.
The announcement comes as GE prepares to launch its aerospace and energy segments as separate companies by early next year. In 2021, the company introduced plans to create three public companies focused on aerospace, energy and healthcare by executing a series of tax-free spinoffs.
GE Aerospace, which manufactures aircraft engines for companies including Boeing and Airbus, will receive more than $335 million for its facilities alone, per the release.
Investments planned for GE Aerospace facilities
| Location | Funding amount | Project purpose |
|---|---|---|
| Lynn, Massachusetts | $31 million | Testing cell upgrades, tooling redesign and other building improvements to support engine production and development. |
| Evendale, Ohio | Over $17 million | Expand capacity and improve assembly across several product lines. |
| Auburn, Alabama | $16 million | Facility upgrades to support increased additive manufacturing. |
| Lafayette, Indiana | Approximately $7 million | Increase tooling support for Leading Edge Aviation Propulsion, Passport engines. |
| Madisonville, Kentucky | Over $4 million | To improve productivity, quality and maintenance across several engine lines critical for the U.S. military. |
Note: Funding for the Ohio project will come from GE Aerospace and GE-Baker Hughes' joint venture Aero Engine Operation.
Source: General Electric
Meanwhile, the company’s energy business GE Vernova anticipates an investment upwards of $117 million in its facilities this year, including:
Investments planned for GE Vernova facilities
| Location | Funding amount | Project purpose |
|---|---|---|
| Greenville, South Carolina | $35 million | Increase capacity of gas wind turbine units and spare parts. |
| Pensacola, Florida | $20 million | Expand production capacity for nacelle manufacturing facilities and bring new products to market. |
| Schenectady, New York | $11 million | Replace and upgrade tooling for improved on-time performance, allowing for increase capacity for gas and turbine generator projects. |
Source: General Electric
Planned investments will also position GE Vernova to seek additional opportunities to support its sustainable energy efforts through the Inflation Reduction Act, according to the release.
“These investments will ensure our employees and facilities are ready to support U.S. energy independence and sustainability goals, while positioning the company for long-term stability and success,” said GE Vernova CEO Scott Strazik in a statement.
