GE Plans $450M Investment To Ramp Up Manufacturing In US

General Electric Company GE revealed on Thursday its plan to invest more than $450 million in its manufacturing facilities in the U.S. in 2023.
GE intends to purchase cutting-edge equipment and make upgrades for a strong future. The company also plans to hire more than 1,700 employees for open external positions with GE Aerospace and its energy businesses (GE Vernova).
GE Aerospace expects to invest more than $335 million across its U.S. facilities, and GE Vernova anticipates investing upwards of $117 million in its U.S. energy facilities.
"These investments will ensure our employees and facilities are ready to support U.S. energy independence and sustainability goals, while positioning the company for long-term stability and success," commented GE Vernova CEO Scott Strazik.
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The company stated that the continued investment would help its aerospace and energy businesses as they move toward launching two independent industry leaders, allowing each company to drive deeper operational focus, financial flexibility, and continued innovation.
Price Action: GE shares are trading down 0.43% at $85.35 on the last check Friday.
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