Boston, MA 12/30/2013 (wallstreetpr) – General Electric Company (NYSE:GE) is reported to be hiring, to meet the overall volume growth in its various plants. In 2013, the company has registered success after success. Heading into 2014, the company is closing the job gap, at the same time refraining from turning into a bloated organization that would soon be weighed down by operating expenses.
This is why the company’s latest hiring move is to add just about 40 people within the next three months and these workers are expected to boost the capacity in its energy segment. The company is hiring in the production, machinist and skilled-trade lines for its turbines and generator facility.
The company is quick to clarify that it is not just hiring for specific project, but instead, it is hiring for overall volume increase in the segment. However, what is known is that the company is going into 2014 with a lot of orders, more so, in its energy and aviation segments.
Saudi Arabia
Saudi Arabia is a long-time customer of General Electric Company (NYSE:GE), more so in the energy segment. The kingdom is shoring up its energy capacity over the past decade and it has just announced new contracts to boost its energy capacity over the next decade. In this new phase of contract, General Electric Company (NYSE:GE) expects to earn $700 million in revenue by supplying 16 generators, 12 combined cycle gas turbines and stream turbines.
Furthermore, General Electric Company (NYSE:GE) has entered into a maintenance service agreement, worth about $453 million with the kingdom. This service deal spans 25 years and involves maintenance of a dozen gas turbines.
Previous Saudi projects
It should be remembered that this latest deal with Saudi is part of the $80 billion investment plan that the country has planned for, in the quest to add about 40 gigawatts to its national grid to extend its energy connections to more millions of its citizens.
It is reported that General Electric Company (NYSE:GE)’s equipment runs more than 40 electricity plants in Saudi and it has supplied more than 500 gas turbines to the kingdom. This makes it one of the biggest beneficiaries of Saudi’s ambitious energy capacity boost.
Algeria
General Electric Company (NYSE:GE) announced $2.7 billion contract with Algeria in September 2013. The work in this contract starts in 2014, and it involves supply of about 38 generators, 26 gas turbines and 12 steam turbines.
