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GE Aerospace (GE) - free report >>
Flowserve Corporation (FLS) - free report >>
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General Electric (GE) Arm to Invest $50M in New York Facility
General Electric’s (GE - Free Report) unit, GE Vernova (the combined operations of GE Digital, Renewable Energy and GE Power), plans to develop a new manufacturing assembly line for its 6.1 MW onshore wind turbine. To this end, the company will invest $50 million at its Schenectady, NY, facility and hire approximately 200 employees.
The move follows the passage of the Inflation Reduction Act this April, which has increased demand for renewable energy. New York will also provide up to $2.5 million through Empire State Development’s Excelsior Jobs Program.
The manufacturing assembly line will be installed in the same building where GE Vernova manufactures steam turbines and generators. It is expected to be completed by summer 2023.
General Electric Company Price
General Electric Company price | General Electric Company Quote
GE Vernova will assemble critical components for 6.1-158 onshore wind turbine in Schenectady to cater to the growing demand in the United States. Designed for low-to-medium wind speeds, the turbine consists of an innovative carbon two-piece blade design, which offers improved logistics and increased output from hard-to-reach sites.
This new manufacturing assembly line adds to General Electric’s planned investment of $450 million into U.S. facilities, announced earlier this year.
Zacks Rank & Key Picks
General Electric carries a Zacks Rank #3 (Hold).
Some better-ranked industrial stocks are as follows:
Flowserve (FLS - Free Report) sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 2.5%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Flowserve has an estimated earnings growth rate of 64.5% for the current year. The stock has gained 13.8% in a year.
Ingersoll Rand (IR - Free Report) flaunts a Zacks Rank #1. The company delivered a four-quarter earnings surprise of 12.6%, on average.
Ingersoll Rand has an estimated earnings growth rate of 13.1%, on average. The stock has rallied 26.4% in a year.
Graco Inc. (GGG - Free Report) sports a Zacks Rank #1. The company pulled off a trailing four-quarter earnings surprise of 7.9%, on average.
Graco has an estimated earnings growth rate of 16.3% for the current year. The stock has appreciated 25.6% in a year.