GE plans to invest over $450 million to upgrade US manufacturing in 2023
$450 million investment comes ahead of planned spinoff of healthcare and aerospace businesses.
General Electric said on Thursday 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, in a bid to bolster its aerospace and energy businesses.
The move comes as the Boston-based conglomerate is wrestling with inflationary and supply-chain pressures, and is adjusting its prices to offset higher costs.
The company, which operates 58 facilities in the U.S., said it will invest in cutting-edge equipment, facility upgrades, other improvements. The improvements are being made as GE is looking for ways to improve costs and inventory, it added.
This image is of a Boeing 777x doing a high speed taxi test at Seattle Everett airport. The Boeing 777X is the latest series of the long-range, wide-body, twin-engine Boeing 777 family from Boeing Commercial Airplanes. The 777X will feature new GE9X engines, new composite wings with folding wingtips, greater cabin width and seating capacity, and technologies from the Boeing 787. The 777X was launched in November 2013 with two variants: the 777-8 and the 777-9. The 777-8 provides seating for 365 passengers and has a range of 8,690 nmi (16,090 km) while the 777-9 has seating for 414 passengers and a range of over 7,525 nmi (13,936 km). The -9 is expected to fly in 2020 with deliveries the same year.
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The upgrade come ahead of the company's planned creation of two independent companies in energy and aerospace.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GE | GE AEROSPACE | 176.90 | -1.49 | -0.83% |
GE, which completed the spin-off of its healthcare unit in January, has plans to spin off its energy businesses, including renewables, into a separate company next year.
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GE Aerospace expects to invest more than $335 million across its U.S. facilities, while the energy unit, GE Vernova, anticipates investing upwards of $117 million.