Governor Hochul Announces $225 Million Ge Aerospace Investment In Schenectady County

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A factual summary is pending editorial review. The complete official release is reproduced below with issuer attribution and a direct link to the original publication.

Official release

Source material from New York Empire State Development. The wording below is the issuer’s statement.

Global Technology Leader Creating 75 New Jobs in Niskayuna

Project Will Modernize Facilities, Equipment and Infrastructure

Governor Kathy Hochul today announced that GE Aerospace, a global leader in jet engines, services and systems, is investing more than $225 million to enhance operations at its Research Center site in Niskayuna, Schenectady County. As part of this expansion, the company has committed to creating at least 75 new well-paying research, engineering and skilled trade jobs as it accelerates efforts on jet engine technology advancements for commercial and defense customers. Empire State Development is supporting the company's investment and job commitments with up to $8.42 million in performance-based Excelsior Jobs Program tax credits.

"New York State has a bold legacy of innovation, built on the shoulders of big ideas and big investments by globally renowned companies like GE Aerospace," Governor Hochul said. "We want to ensure that the next generation of technological discoveries happens here, and today's announcement demonstrates that our legacy is only getting stronger. Working together with GE Aerospace, we are bringing the jobs and developments of tomorrow to the Capital Region today."

The GE Aerospace Research Center in Niskayuna serves as a main hub for scientific research and advanced technology development, employing more than 800 people. This project will address existing challenges of capacity and aging infrastructure by modernizing facilities. The significant investment in machinery, equipment, furniture, and fixtures will strengthen the site’s long-term role in global aerospace innovation and help the company remain globally competitive. The Schenectady County Metroplex Development Authority is supporting the capital project through a sales tax exemption on construction materials.

General Manager and Senior Executive Director of GE Aerospace Research Joe Vinciquerra said, "The future of flight is developed through rigorous scientific and technical pursuit spanning decades. We are ready to turn this investment into breakthroughs that will define the next era of aviation. We are profoundly grateful to our state and regional partners for their support and continued commitment to New York's role in our nation’s pursuit of aerospace advancement."

Empire State Development President, CEO and Commissioner Hope Knight said, "Under Governor Hochul's leadership, New York State continues to invest in the projects and companies that are growing the innovation economy. GE Aerospace's decision to expand its Capital Region footprint demonstrates the importance and success of this strategy, which is creating new jobs and generating dividends to further establish New York as a global hub for next generation technologies."

Read the full press release here.

Release text attributed to New York Empire State Development. Consult the official publication for any subsequent corrections or updates.