Investing in GE
Posted By BRENDAN WEDLEY , EXAMINER STAFF WRITER
Updated 2 months ago
A $100-million investment from General Electric Canada into Peterborough's facility will receive an additional $15 million over five years from the provincial government, it was announced yesterday.
The investment will create 33 new high-skill jobs, retain an additional 75 jobs and put a higher focus on research and development for the large motors division, Economic Development and Trade Minister Sandra Pupatello said.
"It's important because it does create that centre of excellence," she said.
"With the help of this fund, GE will focus its attention on developing high-speed electric motors that will improve safety and reduce the environmental impact of the oil and gas pipeline compression system. We know the whole world is interested in the reduction of the environmental footprint.
"(And) developing the next generation of custom motors for the nuclear industry."
Pupatello made the announcement at the GE facility on Park St. with about 60 people at the event. The money will come from the province's $1.15- billion Next Generation of Jobs Fund.
General Electric is a multinational company with about 320,000 employees, including about 6,000 workers in Ontario, Pupatello said.
"The great news about the leadership here in Ontario with GE is they have big ideas and that's why we want to partner with GE... The kind of financial clout which GE brings to the world, we want them to bring to Ontario as well and that's what they're doing," she said.
"We are taking Ontario to the world. That's great for our GDP, that's great for our export numbers but more importantly it's great for the families that are right here living in Peterborough."
The funding is the first initiative under the memorandum of understanding that the province and General Electric signed in September.
General Electric intends to establish global centres of excellence in the clean energy, water treatment, health care, information technology and state of the art manufacturing sectors, General Electric Canada president and CEO Elyse Allan said.
"It really was a recognition of how competitive Ontario has become on a global stage and our ability as a global company to invest here in Ontario, to grow here in Ontario and to have the ability to export around the world new technology and exciting products," she said of the memorandum of understanding with the province.
Allan pointed to the history of General Electric in Peterborough.
"When GE first went global, more than 100 years ago... we actually started here. So this really is the heart, it's the birthplace of GE in Canada," she said, adding GE Canada now has more than $7 billion in revenue.
The global export market for large-scale motors will likely increase as bourgeoning economies such as India, China and Brazil build infrastructure, Peterborough MPP Jeff Leal said.
"With this funding from the Ontario government, GE Canada will transform this facility to a global centre of excellence and in the process improve the facility's design, production and process capabilities," he said. "Most importantly, the investment we're making today will create and preserve jobs for Ontarians."
Pupatello, Allan and Leal toured a section of the large motors manufacturing facility following the announcement.
NOTE:MayorPaul Ayotte, who worked for General Electric for 38 years, attended the announcement.
bwedley@peterboroughexaminer.com
