General Electric Company (GE) recently announced its intentions to invest approximately $50 million to build a state-of-the-art facility. The new facility will primarily manufacture components meet the rising demand for its industrial technology solutions in the oil and gas industry.
Based in Jacksonville, FL, the new manufacturing plant will manufacture General Electric’s Mooney regulators and Becker control valves for the energy industry, in addition to the other oil and gas products. Further, facility will create additional 500 jobs over a span of three years in Florida, thereby providing the state with a plethora of opportunities.
The Florida plant is expected to start operations by Nov 2014, deploying advanced manufacturing processing technologies for the production of quality oil and gas products to meet customer demand in a fast and safe way, while also creating job opportunities. Therefore, the facility will not only foster innovation in the advanced energy products but also promote economic development in the state.
General Electric is poised for long-term growth and has undertaken strategic initiatives to capitalize on opportunities. In order to focus more on its core business, the company is increasingly investing in key industrial businesses through restructuring, state-of-the-art technology, and R&D initiatives. Through these initiatives, General Electric expects operating earnings from its industrial business to aggregate 75% of the corporate operating earnings by 2016.
Meanwhile, the company has been very focused in its attempts to restructure its portfolio. It is realigning the corporate strategy to a manufacturing-based entity and intends to shrink its finance business by 2015 to reduce credit risks, which have been a drag.
General Electric Company is one of the largest and most diversified technology and financial services corporations in the world. The company offers a wide range of products and services which comprise aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products. Therefore, it competes with companies having diversified operations such as Carlisle Companies Incorporated (CSL), Federal Signal Corp. (FSS) and ITT Corp. (ITT).
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