General Electric Signs $600m Investment Deal in Italy

Source: www.gulfoilandgas.com 1/31/2016, Location: Europe

GE Oil & Gas announced a new Memorandum of Understanding that will lead to the investment of $600 million over the next five years in Italy. The MoU was signed in Florence by GE Oil & Gas at a ceremony attended by the Minister of Economic Development Federica Guidi, the President of Tuscany Region Enrico Rossi, GE’s Chairman and CEO Jeff Immelt, the President and CEO of GE Italia Sandro De Poli, the President and CEO of GE Oil & Gas Lorenzo Simonelli and the President of Nuovo Pignone Massimo Messeri.

The investment in significant research, development and technological innovation in the country reaffirms GE Oil & Gas’ commitment to the Italian market, and reinforces its cooperation with universities, SMEs and the regional economy where it operates. Tuscany is the home to Oil & Gas’ Turbomachinery Solutions division and is also present in Lombardy, Calabria and Apulia.

“GE has been in Italy for nearly 100 years and today’s milestone underlines our strong on-going commitment to investing and growing our business here,” said Jeff Immelt, Chairman and CEO of GE. “Today’s MoU provides a framework to further enhance the skills of the local workforce and boost research and development in cutting edge oil & gas technology made in Italy for the world.”

Another Memorandum of Understanding has been signed in the last weeks between Avio Aero - a GE Aviation business - and the Italian Minister of Economic Development, consisting of €200 million over the next four years and involving Piedmont, Apulia and Campania, the geographical areas in which Avio Aero employs about 4,000 people.

The MoU announced today will see GE Oil & Gas operations invest $600 million over the next five years establishing a centre of global excellence in Tuscany for the oil and gas sector that will involve 500 highly qualified people coming from GE, universities, research labs, and small and medium-sized enterprises. The project aims at increasing Italian production by 50% and increase company revenue by $1.7 billion in five years. With the support of national government and Tuscany Region, it will also train a new generation of engineers specialising in next generation high-tech design and industrialisation. This will provide concrete benefits in terms of innovation and productivity both for the world of research and for local entrepreneurial activities.

The programme, named Galileo, supports the development of gas turbines and centrifugal compressors with a 5-65MW power range and innovative digital technologies covering their entire life cycle with aim of optimising the performance and operative life of the products. Through the GE Store, which is the marketplace that identifies synergies and transfers them across GE’s diverse businesses, GE Oil & Gas will be able to use aeroderivative material technology to introduce increasingly lighter and smaller machines to the oil and gas industry.

The investment in R&D will be supported by the use of new digital technologies for accelerating processes and improving performances, in line with the global GE digital industrial transformation and fully in agreement with the commitment of the Italian government to promote the digital transformation of the Country.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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