October 15, 2010—Responding to the growing global demand for power generation equipment to support cleaner energy production, GE (NYSE: GE) today inaugurated its first manufacturing facility in Vietnam. The plant opening is the latest in a series of recent moves by GE to further reinforce its position as a worldwide leader in the energy industry.
The new factory located in the port city of Hai Phong will manufacture wind turbine components to help support the global demand for GE’s wind turbine technology. Following the first phase of plant operations, GE may expand its manufacturing scope to support the company’s full range of power generation equipment.
John Krenicki, GE vice chairman and president and CEO of GE Energy attended the inauguration and addressed the audience.
“Vietnam is an ideal place for GE to invest and expand our manufacturing capability because it has a skilled work force and a bright future for its energy sector,” said Krenicki. “Expanding our global manufacturing footprint is a strategic growth driver that will help us to respond quicker to our customers’ energy needs. With demand for electricity, fuel and water continuing to rise around the world, we believe that building in Vietnam is a great investment.”
The fast-track construction of the Hai Phong plant began in May 2009 and initial shipments of wind turbine-generator systems began one year later in May of this year. The plant is now fully operational, currently employs more than 250 people and has exported more than 200 units of generator systems to date. The facility adheres to the exceptionally high GE global standards for quality and performance, and also benefits from the transportation and logistical infrastructure available in the port city of Hai Phong.
"The opening of the Hai Phong plant is a major milestone in the history of GE in Vietnam. This world-class facility was made operational within one year, which demonstrates GE's participation and commitment to the country’s ongoing industrialization process. We thank the Vietnam Government for their support and we look forward to further strengthening our long-term partnership for growth and development in Vietnam," added MyLan Nguyen, president of GE Vietnam.
The Vietnam plant inauguration continues a series of strategic actions in GE’s energy business over the past several weeks aimed at growing its overall presence in the global energy space. On Oct. 6, GE announced the acquisition of Dresser Inc., a global energy infrastructure technology and service provider. On Oct. 1, GE announced its purchase of Calnetix Power Solutions, which expands GE’s capabilities to recover waste heat from industrial processes for electricity generation. On Sept. 27, GE announced a joint venture to expand its wind power business in China.
GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide.
GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With nearly 85,000 global employees and 2009 revenues of $40 billion, GE Energy ge.com/energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy—GE Power & Water, GE Energy Services and GE Oil & Gas—work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
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