GE Aviation, the aviation business belonging to international conglomerate General Electric, is poised for substantial growth over the next few years. The highly successful business just received $30 billion lift for its engine business. According to CEO David Joyce, GE exceeded its target for firm order commitments while at the Farnborough International Airshow in London.The boost is due mainly in part to the joint venture between GE and Safran that has resulted in increased business.
GE Aviation initially expected to add 242 jobs to its engine business and commit a $195 million investment over 5 years just last year, but has already exceeded that goal with the addition of 615 jobs as of this year. This is not to mention the $17 million investment in machinery that should give GE Aviation plenty of business for the next five to eight years. The company also has a deal in the works with Qatar Airways for an engine deal. Their GE9X engines will be used to power 50 Boeing 777X planes.GE Aviation can attribute part of its increased business to an increase in the commercial aviation sector in general around the world.
During the period of 2011-2013, there was a rise in demand for new aircraft from many global airlines, which resulted in an increase of 8% for GE Aviation’s revenues, bringing their revenue to a reported $22 billion. With their continued support in aircraft such as Boeing 737 and the Airbus A320 that are becoming more popular, business is expected to continue growing. GE Aviation currently comprises 15% of General Electric’s $146 billion in revenue. As a subsidiary of General Electric, GE Aviation deals primarily with commercial and military aircraft engines. GE is one of the top engine suppliers in the world and supports a majority of commercial aircraft in operation today.
Their main competitors are Rolls-Royce and Pratt & Whitney, which are also huge international aerospace companies that specialize in the production of aircraft engines. ASAP Semiconductor, through our proprietary website ASAP Fasteners, offers the widest range of GE Aviation products
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