PETERBOROUGH, ON, Feb. 19, 2013 /CNW/ - GE and the Canadian Auto Workers (CAW) reached a collective agreement on Sunday, February 17th, 2013. The agreement includes a significant investment in GE's Peterborough facility to create a North American Centre of Excellence (CoE) for large slow speed motors.
"GE is committed to building our Peterborough business and continuing our long history as an employer of choice in the Peterborough area," said Elyse Allan, President and CEO, GE Canada. "We believe this ratified agreement sets the stage for building a competitive operation and a world class Centre of Excellence."
Through a multi-year, multi-phased restructuring program GE will invest in process and capital equipment upgrades to transform the motors facility into a globally competitive operation. This will position GE Peterborough to compete for incremental business in multiple industries.
The initial investment will include approximately $21 million for the first phase of restructuring with an additional $5 million investment to support the wind and solar businesses for a total investment of approximately $26 million. GE anticipates that this investment will enable the company to generate Industrial Regional Benefits in support of pending commitments.
GE will continue to aggressively pursue significant marine opportunities with the Canadian Government for the National Shipbuilding Procurement Strategy. If successful, Peterborough will be GE's production facility of choice to meet demand for propulsion motors, generators and other components for these ships, potentially resulting in additional jobs at the facility.
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 Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
In Canada, GE has operations across the country, including major manufacturing, sales and service locations with 7,000 employees. Follow GE Canada on Twitter at: http://twitter.com/GE_Canada and YouTube at http://www.youtube.com/user/GECanada.
SOURCE: General Electric Canada Inc.