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GENERAL ELECTRIC COMPANY

(GE)
  Report
Delayed Nyse  -  04:00 2022-12-05 pm EST
84.66 USD   -2.56%
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General Electric Company : GE Investing $65 Million in Dayton's Aerospace Corridor

04/30/2012 | 09:35am EST

GE's Lorraine Bolsinger Stresses Growth during Dayton Chamber of Commerce keynote

"GE Aviation will continue to grow its Dayton presence in a dramatic way," said Lorraine Bolsinger, president and CEO of GE Aviation Systems, during her keynote address today at the Dayton Chamber of Commerce's annual meeting.

In the past five years, GE Aviation has added 400 jobs at its three Dayton plants, initiated construction of a new R&D center at the University of Dayton, and hopes the GE commitment to the region will bolster efforts by Ohio leaders to make Greater Dayton a test-flight hub for future unmanned aircraft.

GE Aviation is headquartered in the nearby Cincinnati suburb of Evendale, Ohio.

"GE plans to grow and attract talent to Dayton from around the world," said Lorraine Bolsinger. "We are investing $17 million in capital improvements for our Dayton facilities and another $50 million in our new Electrical Power Integrated Systems R & D center that will be operational next year."

The new R&D center will be the intellectual heart and soul of GE's electrical power business with potentially 150 - 200 researchers in the next five years depending on future programs.

The R & D center will position GE to pursue business for the next generation of planes, many of which will be unmanned aerial vehicles (UAVs). GE is a big player in this emerging market, providing electrical power and distribution for such UAVs as the Global Hawk, a surveillance plane used in Afghanistan. The use of UAVs is growing rapidly in both military and commercial aviation. The Teal Group predicts the annual $6 billion spend in UAVs worldwide will nearly double in the next decade.

Within the next year, the Federal Aviation Administration will designate six sites across the U.S. as future flight testing centers for UAVs. Ohio is engaged in this important competition with at least 22 other states.

"This will be hotly contested and will have long-term implications for Ohio," commented Bolsinger. "We hope that GE's presence in Dayton will play a positive role in Ohio's effort to become a future hub for UAV test activity."

Bolsinger continued, "This is an opportunity to establish an enduring relationship between the FAA, Wright-Patterson, NASA and Ohio aerospace. Let's make sure Ohio is part of the next exciting chapter in aviation history."

GE in Ohio

GE has a sizable footprint in Ohio with 22 locations and 15,000 employees across several divisions - including the Aviation headquarters near Cincinnati - and the Lighting headquarters in Cleveland. GE employs 2,600 workers in the Dayton area - including three Aviation sites - and a large credit card operation in Kettering.

An economic study recently commissioned by GE concluded that 1 out of every 41 dollars in the Ohio economy is driven by GE activity. GE generates $11.2 billion annually from their payroll and through purchases with Ohio suppliers.

GE is now Ohio's largest exporter with GE Aviation operating 6 major facilities in Ohio - with more than 9,000 employees. GE has increased employment in the state by 7% in the past two years. Annual payroll in Ohio is $750 million - and they spend $1.2 billion annually with more than 1,000 Ohio suppliers.

GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet engines, components and integrated systems for commercial and military aircraft. GE Aviation has a global service network to support these offerings. For more information, visit us at www.ge.com/aviation.

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com

GE Aviation
Rick Kennedy, +1.513.243.3372
Mobile: +1.513.607.0609
rick.l.kennedy@ge.com
or
Jennifer Villarreal, +1.616.241.8643
jennifer.villarreal3@ge.com
Mobile: +1.616.617.7755


ę Business Wire 2012
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Analyst Recommendations on GENERAL ELECTRIC COMPANY
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Financials (USD)
Sales 2022 75 151 M - -
Net income 2022 -579 M - -
Net Debt 2022 14 518 M - -
P/E ratio 2022 -137x
Yield 2022 0,42%
Capitalization 94 931 M 94 931 M -
EV / Sales 2022 1,46x
EV / Sales 2023 1,32x
Nbr of Employees 168 000
Free-Float 74,0%
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Number of Analysts 21
Last Close Price 84,66 $
Average target price 90,89 $
Spread / Average Target 7,36%
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Managers and Directors
H. Lawrence Culp Chairman & Chief Executive Officer
Carolina Dybeck-Happe Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
Nancy Anderson Chief Information Officer & Vice President
Francisco D'Souza Independent Director
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