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
- UPDATE 2-Concordia finally heads for scrapyard after massive salvage operation
- Seven arrests made in $1.6 million StubHub cyberfraud case |
- Facebook beats Wall Street targets, stock hits record high |
- UPDATE 3-SEC's long path to money market fund reform ends in compromise
- Two Ukrainian fighter jets shot down over rebel-held territory
India will not support a trade facilitation protocol ahead of a July 31 deadline unless its concerns about subsidies are met, two senior government officials said on Wednesday, sticking to a hard line critics say could derail a landmark global trade deal. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article