GE to build new locomotive factory in Texas
BOSTON (Reuters) - General Electric Co plans to build a new factory to assemble railroad locomotives in Fort Worth, Texas, the largest U.S. conglomerate said on Thursday.
The factory will employ about 500 people, cost about $96 million and begin operation next year, GE said.
It added that it is also adding about 250 new workers at its main locomotive manufacturing facility in Erie, Pennsylvania.
Locomotive sales, which declined during the recession, have turned the corner as major railroads including Union Pacific Corp and Norfolk Southern Corp start to invest in new capital equipment to meet rising demand to carry commodities including coal and corn, which are mainly transported by rail.
GE's transportation unit, which makes locomotives, last month reported an 18 percent rise in first-quarter sales, to $903 million.
(Reporting by Scott Malone, editing by Gerald E. McCormick)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
The government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit. Full Article