March 12 (Reuters) - GE Aerospace said on Tuesday
it planned to invest over $650 million into its manufacturing
plants and supply chain this year to boost its production
capacity to support demand from commercial and defense clients.
The company will invest nearly $450 million in 22 GE
Aerospace facilities across 14 states in the United States and
$100 million in some of its international sites. It also plans
to invest an additional $100 million in its U.S.-based
suppliers.
"The 2024 investment plan expands the company's capacity to
continue ramping LEAP engine production, prepare for production
of the GE9X, and to continue supporting the U.S. military and
its allies around the world," GE said in a statement.
CFM International, GE's joint venture with France's Safran
SA, is an engine supplier for Boeing's ( BA ) 737 MAX
jetliners and competes with RTX's Pratt & Whitney to power
Airbus' 320neo jets.
Along with the investment, GE said that it was hiring over
1,000 employees at its U.S. factories.
Once an industrial conglomerate, GE in 2021 said it would
split into three companies focused on aerospace, healthcare and
energy.
The healthcare business was spun-off last year and the
separation of the energy business is expected to be completed
next month.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Anil
D'Silva)