General Electric will modernize plant in U. S. for $450 million in 2023
2023.03.02 12:44
General Electric will modernize plant in U. S. for $450 million in 2023
By Tiffany Smith
Budrigannews.com – (NYSE) General Electric said on Thursday that in an effort to strengthen its aerospace and energy businesses, it plans to invest more than $450 million in its existing manufacturing facilities in the United States this year and hire more than 1,700 employees.
The Boston-based conglomerate is adjusting its prices to offset higher costs as it contends with inflationary and supply-chain pressures.
The company, which has 58 facilities in the United States, stated that it would make investments in cutting-edge equipment, facility enhancements, and other enhancements. GE is looking for ways to reduce costs and inventory, so the improvements are being made.
The upgrade comes before the company plans to start two separate energy and aerospace businesses.
After successfully spinning off its healthcare division in January, GE intends to do the same with its energy businesses, including renewables.
Across all of its facilities in the United States, GE Aerospace anticipates investing more than $335 million, while the energy division of GE Vernova anticipates investing more than $117 million.
