Welcome to our dedicated page for GE Aerospace news (Ticker: GE), a resource for investors and traders seeking the latest updates and insights on GE Aerospace stock.
GE Aerospace, a segment of General Electric Company (NYSE: GE), is a global leader in the design, manufacture, and service of aircraft engines. Founded in 1892 and headquartered in Boston, GE has a rich history tied to American inventor Thomas Edison. While GE operates in multiple industries including power, renewable energy, digital industry, and additive manufacturing, GE Aerospace remains its core business.
With nearly 70,000 commercial and military engines installed worldwide, GE Aerospace generates significant revenue from the recurring service and maintenance of these engines. The company's partnership with Safran in their CFM joint venture further solidifies its leadership in aerospace propulsion.
Recent achievements for GE Aerospace include significant deals and technological advancements. Notably, GE Aerospace retained its portfolio of intellectual property related to aerospace and defense technologies after a definitive agreement with Dolby Laboratories to acquire GE Licensing. This acquisition, valued at $429 million and expected to close by the end of fiscal year 2024, highlights GE Aerospace's focus on its core aerospace and defense markets.
In another major development, GE Vernova's Onshore Wind business, a part of GE's power and renewable energy segment, announced a landmark deal with Pattern Energy. This deal involves the supply of 674 wind turbines for the SunZia Wind project, set to be the largest wind project in the Western Hemisphere. This project is a testament to GE's commitment to renewable energy and showcases its ability to deliver large-scale, high-efficiency projects.
Moreover, GE Aerospace continues to innovate with products like the 3.6-154 wind turbine, which incorporates advanced AI-trained blade manufacturing processes. This turbine is built to meet U.S. market needs and is part of GE's strategy to drive quality and reliability across its fleet.
Financially, GE Aerospace is robust, leveraging its longstanding expertise and extensive global network to maintain a strong market position. The company's continuous investments in technology, such as the new manufacturing assembly line for its Onshore Wind business in Schenectady, New York, reflect its commitment to enhancing American manufacturing and supporting climate change goals.
GE Aerospace's mission to define the future of flight and bring innovative solutions to the aerospace and defense sectors is backed by its substantial workforce of 52,000 employees globally. The company's operations aim to provide affordable, reliable, sustainable, and secure energy solutions, reinforcing its leadership in the industry.
GE Aerospace (NYSE: GE) and the U.S. Department of Energy's Oak Ridge National Laboratory have signed a new Cooperative Research & Development Agreement (CRADA) to expand supercomputing capabilities for designing next-generation aircraft engine technologies, particularly the Open Fan architecture. This collaboration leverages Oak Ridge's Frontier supercomputer, the world's fastest, to enhance GE Aerospace's computational modeling and simulation capabilities.
The partnership aims to accelerate engine design and testing, focusing on the CFM RISE program, which targets a 20% reduction in fuel consumption and CO2 emissions compared to current engines. GE Aerospace has already conducted simulations on Frontier, analyzing aerodynamic and acoustic performance of full-scale Open Fan designs. This advanced computing power enables engineers to evaluate new technologies at flight scale during the design phase, potentially revolutionizing the future of flight.
GE Aerospace (NYSE:GE) has announced a $1 billion investment over five years to expand and upgrade its global Maintenance, Repair and Overhaul (MRO) facilities. This investment aims to increase capacity and improve turnaround times for customers' fleets. The funding will support the growing demand for CFM LEAP engines, with over 3,300 LEAP-powered aircraft in service and 10,000+ engines in backlog.
Key aspects of the investment include:
- Adding engine test cells and equipment
- Implementing cutting-edge technology for enhanced inspections
- Expanding component repair capabilities
- Construction of a new Services Technology Acceleration Center (STAC) near Cincinnati, Ohio
- $250 million allocated in 2024 for global regional repair and overhaul facilities
The investment supports GE Aerospace's commitment to safety, quality, and delivery for customers and the flying public.
TRIUMPH Group, Inc. (NYSE:TGI) has secured a contract from GE Aerospace to provide the Auxiliary Gearbox for the F404 afterburning turbofan engine. This component has potential future applications in multiple platforms, including the T7-A, T-50, and TAI Hurjet. The work will be carried out at TRIUMPH's facility in Macomb, Michigan.
TRIUMPH, a long-standing partner of GE Aerospace, specializes in designing and manufacturing complex aerospace gearing components and integrated gearboxes for various aircraft applications. This sole-source award strengthens their partnership and supports GE Aerospace's engine applications for both legacy fleets and new aircraft.
GE Aerospace (NYSE: GE) announced the acceptance of two T901-GE-900 engines by the U.S. Army for integration and testing with UH-60 Black Hawk helicopters. The event marks a pivotal moment in GE's collaboration with the Army, aiming to provide enhanced performance, power, and reliability for military missions.
These engines, designed to deliver greater range, more power, and reduced maintenance costs, were unboxed at Sikorsky's facility in West Palm Beach, Florida. The T901 engine has successfully powered Sikorsky's Future Attack Reconnaissance Aircraft (FARA) prototype, Raider X, and is built on GE's extensive experience with the T700 engine.
Utilizing advanced technologies such as 3D-printing and ceramic matrix composites, the T901 offers significant improvements while maintaining a modular design for easy integration and reduced life-cycle costs. The engine addresses the Army's needs for increased power and fuel efficiency.
GE Aerospace's Board of Directors has declared a quarterly dividend of $0.28 per share on its outstanding common stock. The dividend will be payable on July 25, 2024, to shareholders who are on record as of July 11, 2024. The ex-dividend date for this announcement is also July 11, 2024. This decision reflects the company's commitment to returning value to its shareholders.
Dolby Laboratories (NYSE: DLB) announced an agreement to acquire GE Licensing from GE Aerospace for $429 million in cash. The acquisition, which includes over 5,000 patents in video codec technology, aims to strengthen Dolby’s licensing business and foster future growth. GE Aerospace will retain its aerospace and defense IP portfolio. The transaction is expected to close by the end of fiscal 2024, subject to regulatory approval, and is anticipated to be accretive to Dolby’s operating margins and EPS in fiscal 2025. This deal will not impact Dolby's dividend or stock repurchase practices.
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