Company Investing in New Manufacturing Hall and Office Building and Adding 114 New Jobs
FÓT, HUNGARY---July 31, 2013---GE (NYSE: GE) today announced the expansion of its existing oil and gas facility in Fót, Hungary. It will host the state-of-the-art manufacturing base of central unit control panels (UCP) for gas and steam turbine power plants. Bringing UCP production to Hungary is the latest in a long line of GE investments to align its production to new customer needs and to extend its technology capability locally and globally.
The GE Oil & Gas manufacturing plant will be expanded with a new 6,000-square-meter manufacturing hall, along with an office building. The company will supply the new products and solutions worldwide from its Fót facility.
The investment is a significant step towards increasing competitiveness while increasing the number of jobs and is further proof of GE's commitment to the country. The expanded facility, leveraging local expertise at the current plant in Fót, will increase control panel production capacity and operational efficiency. It also will drive top-line growth by expanding the range of applications and engineering capability for custom design. The increased capacity adds approximately 114 new jobs, including 40 engineering positions.
GE is the largest U.S. investor in Hungary with 12,500 employees. The company has 12 manufacturing plants, three technology centers and three regional headquarters in the country.
"Over the past two decades, Hungary has been a key manufacturing location for GE. We consider Hungary to be a globally competitive epicenter not only for innovation but for skilled labor as well. The highly talented and motivated Hungarian workforce with their professional training and expertise is a significant advantage. We are pleased to expand our presence in Hungary," said Dave Cox, global supply chain leader, GE Oil & Gas.
Currently GE Oil & Gas designs and manufactures intelligent systems and equipment in its Fót plant, employing more than 140 people.
GE in Hungary
Since late 1989, GE has been one of the most significant multinationals operating in Hungary. Today all five GE core businesses are active here. Currently GE is the largest U.S. investor and employer (12,500) and one of the biggest exporters of Hungary, while as a customer has a key supplier base of 2,000+.
As a supplier, GE's 21st century energy, transportation, healthcare, water and security solutions can help Hungary to develop and increase its competitiveness. The key to success so far is GE's culture of partnership with associates, local communities, the business and scientific community and the government.
About GE
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.
About GE Oil & Gas
GE Oil & Gas is a world leader in advanced technologies and services with 43,000 employees in more than 100 countries supporting customers across the industry---from extraction to transportation to end use. Our unrelenting commitment to the environment, health and safety, quality and integrity defines us: it's The Way We Work. We develop smart solutions for our customers across the oil and gas value chain delivering the innovation, customized service solutions, training programs and technology that helps them to maximize their efficiency, productivity and equipment reliability. We partner with our customers to develop their next generation workforce; help them to fully benefit from the megatrends of natural gas, the growth of subsea and hard-to-reach reserves and the revolution in asset health management.
Follow GE Oil & Gas on Twitter @GE_OilandGas.
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