In order to deliver broad technical capabilities that can deliver productivity gains and foster innovation for its Oil & Gas customers, General Electric Company (GE), recently selected a site in downtown Oklahoma city for the company’s first-ever global research center dedicated to Oil & Gas technology. Construction on the 95,000 square feet facility is expected to begin in 2014 spring with the building being operational in 2015.
The new center will focus on accelerating mid- to later-stage Oil & Gas technologies developed in GE’s Global Research laboratories including production systems, well construction, water use optimization and energy systems. The center’s close proximity to many of its customers and the engineering expertise will allow General Electric to accelerate the development of new technologies.
The strategic move by the company is intended to attract international Oil & Gas partners and at the same time generate more employment opportunities and economic activity for Oklahomans. This technological set-up by General Electric will provide a major boost to the local economy.
Additionally, the center will also build new working relationships with the state’s great university network, including the University of Oklahoma, Oklahoma State University and University of Tulsa. The center is expected to have a direct and indirect economic impact worth $13 million for the state and Oklahoma City.
General Electric operates as a technology and financial services firm. Its segments include Energy Infrastructure, Aviation, Healthcare, Transportation, Home & Business Solutions and GE Capital.
General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now are Hutchison Whampoa Ltd.(HUWHY), Raven Industries Inc. (RAVN) and ITT Corporation (ITT), each carrying a Zacks Rank #2 (Buy).
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