General Electric Company (GE - Analyst Report) recently announced the construction of its first advanced Power & Water manufacturing facility in Greenville, SC. The advanced manufacturing facility, expected to begin operations in 2015, will likely employ around 80 people at the plant.
By leveraging General Electric’s new techniques and production processes, the new facility will be able to design, test and bring its products to the market at a faster pace. This facility capitalizes on $500 million in Power & Water investments and is an extension to General Electric’s commitment to advanced manufacturing.
The new facility will act as a breeding ground for building new advanced manufacturing processes as well as a rapid prototyping centre for Power & Water businesses. General Electric plans to introduce new products to the market in the field of Power & Water, including wind turbines, heavy duty gas engines, distributed power gas engines, nuclear power services and water processing.
The facility will be co-located with General Electric’s existing manufacturing site at Greenville. To expand its advanced manufacturing capabilities, General Electric plans to invest $400 million over the next ten years in Greenville.
General Electric is one of the most diversified technologies and financial service corporations in the world. The company’s segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. The Power & Water segment produces gas, steam and aero derivative turbines; generators; combined cycle systems; and renewable energy solutions, as well as provide water treatment services and equipments.
General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now include CLARCOR Inc (CLC - Snapshot Report), Icahn Enterprises, L.P. (IEP) and Noble Group Limited (NOBGY), each carrying a Zacks Rank #1 (Strong Buy).