GE investing $580M in aerospace expansion

WASHINGTON: General Electric Co. (GE) is hiring 5,000 veterans in the US and investing $580 million to expand its aerospace business as part of a new program to address skills training, workforce preparedness and advanced manufacturing.

The company began a four-day event with partners in Washington to mediate discussions centered around US troubles in manufacturing, innovation and jobs.

It has also announced new commitments in an attempt to strengthen U.S. global competitiveness by developing training programs, lowering the company’s healthcare coverage costs and integrating U.S. military veterans into its workforce.

The company is hiring 5,000 US veterans in the next five years and sponsoring a "Hire our Heroes" partnership with the US Chamber of Commerce, which helps veterans integrate into the workforce.

GE said the $580 million will be used to expand its manufacturing R&D footprints in the US for growing production rates and expanded product offerings.

More than 400 manufacturing jobs will be added and three new plants opened in Mississippi, Alabama and Ohio by 2013.

Files from The Canadian Press.