December 4, 20231 yr City seeks to claw back millions in tax incentives from GE for leaving the Banks The city of Cincinnati wants General Electric to pay back millions in unprecedented tax incentives the company received to build and occupy its building at the Banks, which the company is vacating at the end of 2023. GE said in November the company would relocate its last remaining employees from the 10-story tower at 191 Rosa Parks St. to Evendale, where GE Aerospace maintains its global headquarters. The company has received around $15 million from the city in the form of a commercial Community Reinvestment Act (CRA) tax abatement, which Cincinnati City Council and Hamilton County commissioners authorized in June 2014. The building, touted as GE’s U.S. Global Operations Center, opened in October 2016. The CRA agreement exempted GE from 100% of property taxes for the duration of its 15-year lease of the air lot where the building was constructed. CRA tax abatements are traditionally capped at 67% in the city. The city administration justified the “aggressive” incentive due to “fierce competition” for the center following an “exhaustive national search” by GE. More below: https://www.bizjournals.com/cincinnati/news/2023/12/04/city-millions-tax-incentives-ge-leave-banks.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
February 6, 20241 yr Why GE Aerospace could rocket up Fortune 500 after GE Vernova spinoff By Brian Planalp – Staff reporter, Cincinnati Business Courier Feb 6, 2024 GE Aerospace could quickly climb the list of the largest companies in the U.S. after it becomes a standalone entity headquartered in Greater Cincinnati this April, according to GE and GE Aerospace CEO Larry Culp. Aerospace revenue in 2023 accounted for 46%, or $31.7 billion, of the company’s total revenue for the year. As a standalone firm, that would place it 129th on the 2023 Fortune 500 list, behind Phillip Morris and just ahead of Netflix. GE Aerospace in 2024 is expected to see revenue grow around 10% to 13% (“low double digits or more,” according to the company’s official guidance), following a year in which it grew 22%. Culp said Feb. 2 the company is on a long-term trajectory for 5% to 9% revenue growth (“sustained mid- to high-single-digit growth”) and that it could surpass $40 billion in revenue “in a few years” thanks to “blockbuster demand.” MORE
March 7, 20241 yr GE Aerospace, Safran ink major deal with American Airlines for CFM engines By Brian Planalp – Staff reporter, Cincinnati Business Courier Mar 7, 2024 GE Aerospace and its partner, Safran Aircraft Engines, have reached a major engines and services agreement with American Airlines that will encompass American’s entire Boeing 737 MAX fleet, including at least 115 newly ordered aircraft. CFM International, the West Chester Township-based joint venture between GE Aerospace and Safran Aircraft Engines, announced the deal in a news release the evening of March 6, hours before GE Aerospace’s first investor day as a standalone company. The present and future value of the deal was not disclosed. MORE
March 12, 20241 yr $100M+ locally! GE Aerospace announces $650M in site investments, plans to hire 1,000 workers By Brian Planalp – Staff reporter, Cincinnati Business Courier Mar 12, 2024 Updated Mar 12, 2024 2:03pm EDT GE Aerospace plans to spend $650 million at sites across the world, and it has set aside a significant sum for its Greater Cincinnati facilities. MORE
April 12, 20241 yr WE ARE GO’: GE AEROSPACE LAUNCHES IN CINCINNATI Fortune 500 firm sets its sights on $10 billion in profit By Brian Planalp – Staff reporter, Cincinnati Business Courier Apr 11, 2024 Updated Apr 11, 2024 7:55pm EDT The feverish din softened in the atrium of GE Aerospace’s Evendale Learning Center on the afternoon of April 2 as a sleep-deprived, travel-weary but no less cheerful Larry Culp leapt onto the stage. “It’s all about us now,” Culp, GE Aerospace’s CEO, said. The crowd whooped and hollered, everyone wearing the same navy T-shirt emblazoned with the words: “We are go.” Culp had just come from New York, where that morning he’d rung the opening bell at the New York Stock Exchange, marking a final step in a three-year jaunt of choreographed tasks, filings, interviews, events and pantomime — you don’t actually ring the bell, you press a little green button attached to it, he said — with the goal of reviving GE by splitting it apart. MORE
May 23, 20241 yr GE Aerospace hiring nearly 200 engineers in Evendale, West Chester By Brian Planalp – Staff reporter, Cincinnati Business Courier May 22, 2024 GE Aerospace (NYSE:GE) has begun hiring for more than 900 engineering positions across its U.S. facilities, including hundreds in Greater Cincinnati. The company issued a news release on the push and advertised the open roles across social media Tuesday, May 21, two months after first announcing it would invest $650 million into its manufacturing sites and suppliers, and embark on the hiring blitz in 2024. Those investments include more than $64 million into GE Aerospace’s global headquarters in Evendale as well as $18.2 million into its West Chester site. MORE
July 22, 2024Jul 22 GE Aerospace inks deal with Japan Airlines for engines to power Boeing Dreamliner fleet By Andy Brownfield – Managing editor, Cincinnati Business Courier Jul 22, 2024 One of Japan's largest airlines has tapped GE Aerospace to power its fleet of Boeing aircraft. GE Aerospace announced July 22 from the Farnborough International Air Show in England that Japan Airlines signed an agreement for GEnx-1B engines to power up to 20 new Boeing 787-9 Dreamliner aircraft. The value of the order was not made public. GE Aerospace does not disclose the list price of its engines. MORE
July 30, 2024Jul 30 GE Aerospace, CFM unveil engine order bonanza in Farnborough By Brian Planalp – Staff reporter, Cincinnati Business Courier Jul 30, 2024 GE Aerospace won big at the Farnborough International Air Show in England, where the world’s largest maker of aircraft engines announced a slew of new and expanded orders for more than 500 engines. Cincinnati-based GE Aerospace (NYSE: GE), whose share price is up 69% since the start of 2024, unveiled deals with seven airlines. CFM International, the 50/50 joint venture between GE Aerospace and Safran Aircraft Engines based in West Chester Township, unveiled three additional deals with engine leasing companies. The announcements came July 22-26 in the town southwest of London, during what is considered the second-largest air show in the world. Farnborough’s air show is held in even-numbered years, trading off with the Paris Air Show, the largest such event in the world. MORE
August 7, 2024Aug 7 GE Aerospace signs supercomputing agreement with Oak Ridge to advance RISE engine By Brian Planalp – Staff reporter, Cincinnati Business Courier Aug 7, 2024 GE Aerospace, under a new agreement with the federal government, is using the world’s fastest supercomputer to model breakthrough technology for its open-fan engine design program, which is hurtling through the testing phase. Cincinnati-based GE Aerospace, the world’s largest maker of aircraft engines, announced in late July it has reached a new cooperative research and development agreement with the U.S. Department of Energy’s Oak Ridge National Laboratory. The Tennessee laboratory is home to Frontier, the world’s fastest super computer. Frontier can process more than a quintillion calculations per second. The agreement will see GE Aerospace and Oak Ridge collaborate to develop bleeding-edge computational modeling and simulation capabilities for Frontier, according to a media release. MORE
August 9, 2024Aug 9 GE Aerospace reports breakthrough results from testing of hypersonic dual-mode ramjet By Brian Planalp – Staff reporter, Cincinnati Business Courier Aug 9, 2024 GE Aerospace’s futuristic hypersonic engine has exceeded the company’s expectations in a breakthrough round of new tests. The dual-mode ramjet engine, which has gone from design to testing in just 11 months, is undergoing evaluation on a rig at GE Aerospace’s (NYSE: GE) global headquarters in Evendale. The company is putting the bleeding-edge technology through its paces, hoping to demonstrate the engine can transition successfully between subsonic, supersonic and hypersonic speeds, a feat that requires solving complex problems of engineering and physics. MORE
February 26Feb 26 GE Aerospace wins massive engine order in Boeing, Airbus deal By Brian Planalp – Staff reporter, Cincinnati Business Courier Feb 25, 2025 GE Aerospace will supply the engines for a significant aircraft order from the largest airline company in Japan. All Nippon Airways, through ANA Holdings, the parent company of ANA, Peach and AirJapan, placed recent orders or finalized prior options for 72 new aircraft from Boeing and Airbus, according to a Feb. 25 media release. All 72 will fly with a GE Aerospace (NYSE: GE) or CFM International engine underwing, a GE Aerospace spokesperson told the Business Courier. MORE
March 13Mar 13 GE Aerospace announces $127M investment in Greater Cincinnati facilities By Brian Planalp – Staff reporter, Cincinnati Business Courier Mar 13, 2025 Updated Mar 13, 2025 6:55am EDT GE Aerospace will invest more than $127 million into its Greater Cincinnati facilities in 2025 in an effort to expand engine production and assembly. The investments are part of around $1 billion the company said it will put into its factories and supply chain in 2025, according to a March 12 media release. GE Aerospace will also hire 5,000 additional U.S. workers to manufacturing and engineering roles. GE Aerospace (NYSE: GE) last year committed to $650 million in site investments and the hiring of 1,000 workers. That included $107 million into its Greater Cincinnati facilities. The 2025 commitments, both local and national, are in addition to the 2024 commitments. MORE
March 13Mar 13 GE Aero keeping their HQ in Cincinnati area is going to be huge long term. I know they have a lot of office space at their Evendale facility. I am curious if they are going to build a new office on that campus as they are an independent entity now and may want to have a physical shiny new toy to show off.
March 19Mar 19 GE Aerospace announces multibillion-dollar military contract By Brian Planalp – Staff reporter, Cincinnati Business Courier Mar 18, 2025 GE Aerospace has been awarded a contract from the U.S. Air Force valued up to $5 billion for the production and delivery of fighter jet engines to U.S. allies. The U.S. Department of Defense March 14 announced the indefinite-delivery, indefinite-quantity contract with the Evendale-based engine maker for foreign military sales of F110-129 engines, which power F-15 and F-16 aircraft operated by allied nations worldwide. GE Aerospace (NYSE: GE) will also provide upgraded monitoring systems to improve performance tracking and additional components and maintenance kits to support fleet operations. MORE
March 31Mar 31 GE Aerospace wins engine order for Korean Air's large Boeing deal By Brian Planalp – Staff reporter, Cincinnati Business Courier Mar 31, 2025 GE Aerospace has won another engine order over its chief rival in the long-haul jetliner market. The Greater Cincinnati-based engine maker will furnish all the engines, as well as continuing service support, for Korean Air’s order of up to 50 wide-body Boeing airplanes. Boeing and Korean Air unveiled the deal March 26. GE Aerospace announced it had won the engine order in a media release issued the same day. It is the company’s second large engine order announcement in as many months. MORE
April 18Apr 18 GE Aerospace could raise prices, reduce spending due to Trump's tariffs, CEO Culp says By Brian Planalp – Staff reporter, Cincinnati Business Courier Apr 17, 2025 GE Aerospace, the world’s largest aircraft engine maker, could raise prices on customers or pull back on spending as a result of its tariff exposure amid significant economic uncertainty. Larry Culp, chairman and CEO of GE Aerospace (NYSE: GE), detailed the company’s tariff strategy at a Rotary Club of Cincinnati luncheon April 17, five days before the company will deliver its first quarter earnings report. Culp said GE Aerospace is “all in on American competitiveness” and “all in on American manufacturing.” The company last month, for example, announced an additional $1 billion investment in its U.S. manufacturing footprint. MORE
April 18Apr 18 More headwinds -- Quote The Chinese government has told the country's domestic airlines to stop accepting deliveries of Boeing jets as a trade war between the world's two largest economies escalates, Bloomberg News reports. China is also instructing its carriers to stop buying airline parts and other components from U.S. companies, according to Bloomberg, which cited people familiar with the situation. https://www.cbsnews.com/news/china-boeing-orders-halt-to-jet-deliveries-bloomberg-trump-tariffs/
May 19May 19 GE Aerospace, Boeing secure $14.5B deal with Etihad AirwaysGE Aerospace has struck its second major deal in less than a week with a Middle East airline company.Etihad Airways, the national airline of the United Arab Emirates, disclosed May 16 an order for 28 wide-body Boeing aircraft, all of which will fly with Cincinnati-based GE Aerospace engines underwing.The deal, for both aircraft and engines, is valued at $14.5 billion, according to the Trump administration, which first announced the news May 15 among $200 billion in commercial agreements involving U.S. and United Arab Emirates companies.Neither GE Aerospace nor Boeing have publicly confirmed the deal. A GE Aerospace spokesperson has not returned a comment request as of this writing.More below:https://www.bizjournals.com/cincinnati/news/2025/05/19/ge-aerospace-boeing-trump-etihad-uae-middle-east.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
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