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General Electric (GE) to Pump $5M Into Gas Turbines Business

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General Electric Company (GE - Free Report) recently announced that it plans to invest up to $5 million in constructing a second manufacturing plant for its TM 2500 and LM2500Xpress aeroderivative units located at the Global Technology Center in Greenville, SC. This new facility will add to GE’s existing manufacturing plant located in Veresegyhaz, Hungary.

The new manufacturing plant will expand GE’s manufacturing capability at the Global Technology Center to support the turbine delivery in the Americas region. This move will also enable General Electric to support the growing market for aeroderivative turbine technology. The plant will employ about 25 skilled personnel who will follow lean methodologies to bring about the transformation. The manufacturing process will likely begin in the fourth quarter 2022.

Latest Orders for GE’s Aeroderivative Technology

In March 2022, General Electric secured an order from West Texas Gas to deliver two of its LM2500XPRESS power packages, including a GE LM2500 aeroderivative gas turbine modular package and an emissions control system.

These gas turbines can deliver about 60MW of power and is capable of starting in five minutes or lesser time from cold iron. The turbines will aid West Texas Gas’ North Permian Midstream plant in processing gas.

Also, the Greek construction company TERNA SA ordered a TM2500 aeroderivative gas turbine from GE. The gas turbine is likely to support the summer peak power needs on the Island of Kos.

The TM2500 aeroderivative gas turbine can reach its full power in 10 minutes or lesser. The 33.6MW unit will be fueled by light distillate provided by a tanker every 2-4 weeks due to the absence of natural gas.

Zacks Rank & Stocks to Consider

GE currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the conglomerates sector are discussed below.

Carlisle Companies (CSL - Free Report) sports a Zacks Rank #1 (Strong Buy), currently. CSL pulled off a trailing four-quarter earnings surprise of 28%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

In the past 60 days, Carlisle’s earnings estimates have increased 14.6% for 2022. The stock has rallied 31.6% in the past six months.

Griffon Corporation (GFF - Free Report) has a Zacks Rank #2 (Buy) at present. GFF delivered a trailing four-quarter earnings surprise of 104.6%, on average.

In the past 60 days, Griffon’s earnings estimates have increased 3% for fiscal 2022 (ending September 2022). The stock has soared 42.6% in the past six months.


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General Electric Company (GE) - free report >>

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