GE (GE) Plans to Focus on Manufacturing and Innovation, Looks to Hire 5,000 Veterans

GE (NYSE: GE) today began a four-day event with partners in Washington, D.C. dedicated to America’s long-term economic and industry growth with discussions centered around manufacturing, innovation and jobs and announced new commitments to strengthen America’s global competitiveness by building a more highly skilled workforce, lowering healthcare costs and supporting the integration of the nation’s veterans into the workforce.

“American business can compete and win anywhere,” GE Chairman and CEO Jeff Immelt said. “There are companies and communities all across the country that are leading the way. We know that renewing American manufacturing works; affordable healthcare works; high-skill training works; investing in people works; supporting customers works; accessing global markets works. We should have the confidence to act and to restore American competitiveness.”

As part of its focus on what works, GE will launch several new programs throughout the year, including:

• New pilot programs with partners to improve healthcare delivery in Louisville, KY, and Erie, PA, to achieve better health at lower costs in each community. This follows a successful program in Cincinnati that has resulted in significantly lower costs for both local employers and providers while improving access and maintaining quality care.
  
• Hiring 5,000 U.S. veterans over the next five years and sponsoring a “Hire our Heroes” partnership with the U.S. Chamber of Commerce to help veterans integrate into the civilian workforce and match them to jobs.
  
• Opening several manufacturing skill-building centers called “GE Garages” to spark interest in skills for jobs and partnering with GOOD/Corps on the What Works Project, a new interactive platform to highlight what works by inviting the public to submit stories, images or video depictions of what is currently driving American competitiveness. The project will award up to $10,000 each week through November to selected non-profit organizations that support American jobs and skills training.
  
• Doubling the number of GE engineering interns to more than 5,000 as part of an initiative proposed by the President’s Council on Jobs and Competitiveness to add 10,000 more engineering graduates a year in the U.S.

GE also today announced details of the expansion of its Aviation business in 2012, including investing $580M in the expansion of its manufacturing and research & development footprints in the U.S. to support growing production rates and expanded product offerings. GE Aviation is adding more than 400 new manufacturing jobs and in 2013 will open the three new plants that are under construction in Ellisville, MS, Auburn, AL, and Dayton, OH. The plants are part of GE investment in the U.S., which includes the construction or rebuilding of 16 plants and more than 12,000 new jobs. Last week GE began production on its first new appliance product line in more than 50 years at Appliance Park in Louisville, KY.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• The West Can't Process Enough of This Critical Metal, and the Gap Doesn't Close by 2030
• Home Depot expands executive roles, grants $500K in restricted stock
• loanDepot receives NYSE non-compliance notice over stock price