GE Aerospace to Pump in $53M to Upgrade West Jefferson Facility

GE Aerospace GE recently committed to invest approximately $53 million over a span of three years to expand its North Carolina-based West Jefferson facility by more than 35,000 square feet. This expansion will generate more than 40 additional jobs at the facility.

Inside the Headlines

The West Jefferson facility currently manufactures components for CFM LEAP engines, including blisks, rotating parts, turbines and spools. With the new project, GE plans to increase the production capacity for narrowbody aircraft engines at the facility as demand continues to rise. To meet higher production needs, the company plans to hire machinists, inspectors and engineers.

It Is worth noting that the state of North Carolina will provide funding of $100,000 through the One North Carolina Fund grant to support the expansion of West Jefferson facility. Ashe County, Ashe County Job Development Inc. and the Town of West Jefferson will also provide $1 million to support the project. The investment will strengthen GE Aerospace’s presence in advanced manufacturing and aerospace industry.

GE’s Zacks Rank & Price Performance

GE Aerospace is benefiting from strength in its businesses, driven by robust demand for commercial engines, propulsion and additive technologies. Rising U.S. & international defense budgets, geopolitical tensions, positive airline and airframer dynamics and robust demand for commercial air travel augur well for the company.

The company currently carries a Zacks Rank #3 (Hold). In the past six months, GE’s shares have gained 26.3% compared with the industry’s 8.3% growth.

However, GE Aerospace has been dealing with high costs and expenses related to certain projects and restructuring activities, which are likely to affect its margins and profitability. Supply-chain disruptions may also result in delays and increased costs.

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This article originally published on Zacks Investment Research (zacks.com).

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