Yahoo Finance General Electric's (GE) Arm Opens $8M Facility in Brisbane
General Electric’s GE subsidiary GE Aviation has opened a new service center in Australia for its Asia-Pacific customers. The $8 million facility at Brisbane airport provides customers with maintenance, repair and overhaul services and expands GE’s footprint in the Asia-Pacific region.
The state-of-the-art facility is GE Aviation’s largest systems service center in the Asia-Pacific region. The service center supports avionics, flight management, electrical power and DOWTY propeller systems for Boeing 737 and 787, Q400 and F-50 regional aircraft and the Royal Australian Air Force’s fleet of C-130J Super Hercules and C-27J Spartan Military Transport Aircraft.
The facility is expected to create several jobs in Brisbane, boost the economy and contribute to Brisbane airport’s growth.
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GE Australia Country Leader Sam Maresh said, “We are delighted to mark a new chapter in our Australian operations and our near two-decade relationship with Brisbane Airport with the opening of a leading aviation servicing facility that creates fresh opportunities for GE Aviation."
The opening of this new facility in Brisbane adds to GE’s growth story in the Aerospace segment. Continued recovery in the commercial market is driving growth of the segment. Significant growth in commercial services and continued strength in spare parts sales are boosting segmental revenues, which increased 27% year over year to $6,127 million in the second quarter. General Electric will operate as an aviation-focused company starting in early 2024.
Zacks Rank & Key Picks
General Electric carries a Zacks Rank #3 (Hold).
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