General Electric to open first–of-its-kind facility in OntarioAll Articles
General Electric (GE) Canada plans to invest US $179.89m (CAD $240m) to establish a 500,000 sq ft GE factory in Welland, Ontario, replacing operations in Wisconsin. The company will initially deliver 220 jobs to the area. The company has received an incentive package worth US $47.93m.
The factory will sit on 75 acres of land in the city's Harry Diffin Industrial Park and is expected to begin production in early 2018. The Welland plant will be among the most advanced in GE's global operations, and the first of its kind in Canada.
It will combine decades of experience building innovative industrial machines with cutting-edge data science and analytics expertise to enhance efficiency and streamline production. The facility will initially manufacture GE Power’s reciprocating gas engines, components for compression, mechanical drive, and power generation, and manufacture components for GE transportation diesel engines. The multi-modal design enables future production expansion for other GE global businesses including Power, Oil & Gas, and Transportation.
The company has received an incentive package worth US $47.93m. The package includes a conditional grant of CAD $26.5mn through the Ontario Jobs and Prosperity Fund and a CAD $37.4m 10-year tax rebate for the development from the city of Welland.
Ontario helped secure this project by providing a single point of contact for GE when the company was deciding where in Canada to make this major investment. Other companies will benefit from the same service model when the province launches the Strategic Investments Office (SIO) this fall. The SIO will provide companies looking to invest in Ontario a one-window approach, offering a seamless range of services such as help selecting a suitable site, training workers, and fast-tracking provincial and municipal permits and licences. The government is also enhancing Ontario's appeal as a place to grow a business by investing $2.7bn over 10 years through the Jobs and Prosperity Fund (JPF).
GE is an American multinational conglomerate corporation incorporated in New York. As of 2016, the company operates through the following segments: Power & Water, Oil and Gas, Aviation, Healthcare,Transportation and Capital which cater to the needs of Financial services, Medical devices, Life Sciences, Pharmaceutical, Automotive, Software Development and Engineering industries.
The company reported total revenues in 2015 of $140.39bn and 305,000 employees.
A 10-year, $2.5 billion Jobs and Prosperity Fund which will help ensure Ontario remains one of the most attractive places in the world to do business. The fund’s focus is to partner with business to attract robust investments, foster a culture of innovation and entrepreneurship, and create good local jobs. The fund will concentrate investments in job-creating innovation, productivity and exports,...
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