General Electric Co. is opening its wallet to upgrade facilities, purchase new equipment and make other improvements this year in advance of its planned split into two independent companies focused on aerospace and energy. The two separate companies -- GE Aerospace and GE Vernova -- are expected to launch in early 2024.
Boston-based GE completed the separation of its healthcare business, GE Healthcare Technologies Inc., in January.
The $450 million investment is spread across a range of facilities. More than $335 million is assigned to the aerospace business and will support such initiatives as assembly improvements, capacity expansion and safety infrastructure upgrades.
Approximately $117 is earmarked for upgrades within GE Vernova. GE said it expects the improvements to help the energy business increase its opportunities through the Inflation Reduction Act.
Both businesses are hiring. GE said it has 1,700 open positions.
The company shared a sampling of its planned investments. Specific GE Aerospace investments include:
- $31 million in Lynn, Minnesota, for test cell upgrades, tooling redesign and building upgrades to support engine production and development.
- more than $17 million in Evendale, Ohio, from GE Aerospace and GE-Baker Hughes joint venture Aero Engine Operation to expand capacity and address assembly operations.
- $16 million in Auburn, Alabama, for upgrades to support increased additive manufacturing.
- more than $15 million in Peebles, Ohio, for safety enhancements and to address product flow and productivity of the LEAP and GE9X engines.
- $7 million in Lafayette, Indiana, for tooling to support engine growth, and maintenance, repair and overhaul activities.
- $4 million-plus in Madisonville, Kentucky for improvements across several engine lines.
Investments in the energy business include:
- $35 million in Greenville, South Carolina, for capacity upgrades, and facility, tool and equipment maintenance.
- $20 million for nacelle manufacturing facilities in Pensacola, Florida.
- $11 million in Schenectady, New York, for facility maintenance, capacity growth, and equipment and tooling management.
