GE Aviation Plans $195 Million Expansion At Four North Carolina Facilities
Area Development Online News Desk (07/09/2013)
GE Aviation, a global leader in jet engine and aircraft system production, will expand manufacturing operations at four of its facilities in North Carolina. The project will create 242 new jobs and bring a capital investment of $195 million over the next five years.
The company will produce engine components made of advanced ceramic matrix composite materials at a new facility located next to the existing GE Aviation machining plant in Asheville, North Carolina. This technology will result in enhanced performance and improved durability of engines, which translates into lower fuel and maintenance costs for customers. The project will also increase employment and investment in Durham, West Jefferson and Wilmington. GE currently employs more than 1,300 people at its four North Carolina sites.
“GE has been investing in CMC technology for decades, and we are mastering the manufacturing of CMCs at our laboratory in Delaware. Asheville will be our first factory involved in the mass production of CMC components,” said David Joyce, president and CEO of GE Aviation. “We believe the future Asheville plant will be on the ground floor of a new technology that will change aviation.”
"Part of our state's economic recovery not only relies on creating new jobs here, but also on retaining great companies like GE," said Gov. Pat McCrory. "We're serious about building on existing industries in North Carolina and this project is a perfect example of our commitment."
“The aviation industry is a critical target sector for North Carolina, one that is becoming increasingly important to sustainable job and investment growth for the state,” said N.C. Commerce Secretary Sharon Decker. “Our state has the customized job training programs and skilled workforce that advanced manufacturers like GE Aviation need to compete in a global market.”
The project was made possible in part by an award to GE Aviation from the state Job Development Investment Grant program. Receipt of the award is based on proof of job creation and other performance requirements. Under the terms of the company’s JDIG award, GE Aviation is eligible to receive up to 12 annual grants equal to 75 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over 12 years, the JDIG award could yield aggregate benefits to GE Aviation of up to $3.57 million.
The project was also made possible in part by a performance-based grant from the One North Carolina Fund of up to $1,250,000. The grant is contingent upon proof of job creation and receipt of a local funding match.