General Electric Co. Invests More in Energy Efficient Appliances
General Electric Co. announced today that it will increase jobs and invest $432 million to design and manufacture efficient and environmentally friendly refrigerators.
Despite the economic climate, GE executives say the company will maintain and expand its manufacturing units in the U.S.
Being truly innovative, the new refrigerators that GE plans to build are anticipated not only to meet newer standards for energy efficiency, but they will also incorporate the so-called "smart-grid" technology.
Perhaps more impressive is how GE plans to stay competitive in the global market while generating manufacturing jobs here in the U.S. The company's investment plans works on what's called "innovative wage agreements," which are agreements the company works out with unions. New hires will earn about $13 an hour on average, with full benefits, compared to what would have been wages in the low to mid $20-an-hour range without successful union negotiations.
The investment into creating more jobs and more energy efficient appliances also comes from the fact that GE has received a total of about $78 million in various local government, state and federal incentives to make the investments.
This is yet another case which shows that when business initiative combines with federal and state incentives, positive changes can happen.