GE and Ontario invest in New Technology
MISSISSAUGA, ON, Nov. 19 /CNW/ - GE Canada announced today that its Motors business is planning to invest up to $100 million over five years to improve the design, production and process capabilities at its Peterborough Ontario based motor production facility.
Building on a Memorandum of Understanding (MOU) signed by Ontario and GE in September 2009, Ontario is investing $15 million over 5 years from the Next Generation of Jobs Fund to support GE's investment to strengthen its Peterborough facility position as a global centre of excellence.
"Investments in new technology are essential if we want to remain competitive. With support from the Ontario government, GE Motors is enhancing its capabilities, increasing its productivity and developing new products for global markets." Said Elyse Allan, President and CEO, General Electric Canada.
"Having recently signed a Memorandum of Understanding with GE, today's announcement provides further proof that GE is strengthening its presence in Ontario. By forging partnerships with global giants like GE, we're creating high-value jobs, attracting new investment to the Peterborough area and helping Ontario reduce its carbon footprint." Notes Sandra Pupatello, Minister of Economic Development and Trade.
GE's large custom motors are used in large-scale industrial processes such as gas compression, ore grinding, water pumping and power generation. Over half of GE's large custom motors are exported outside of North America, mostly to Asia and the Middle East.
GE currently employs approximately 700 people in the GE Motors business in Peterborough. Over the next five years the investment will create or retain approximately 100 jobs, and increase capacity for anticipated global growth. Funds will be used for facility upgrades, new equipment , R&D for new products and training initiatives including apprenticeship programs.
GE is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
In Canada, GE has operations across the country, including 15 major manufacturing facilities, over 150 sales and service locations and more than 8,500 employees.
SOURCE General Electric Canada Inc.
For further information: For further information: Media Contacts: GE Canada, Kim Warburton, VP Communications & Public Affairs, (905) 858-5678, C: (416) 561-8316