|By Karamjit Kaur, Aviation Correspondent|
| GE Aviation Service Operation (Geasco) - an operating unit of United States technology and services conglomerate General Electric Company - has embarked on a US$30 million expansion of its Singapore facility. |
Located at Loyang Way, the company which repairs and maintains aircraft engines, aims to increase work space by 20 per cent to 250,000 sq feet by June next year.
Geasco which reported a turnover of more than US$250 million last year and employs 915 people, expects to increase revenue by about 80 per cent over the next five years and create 500 more new jobs.
Started in 1981, Geasco repairs and refurbishes turbine blades and vanes, combustors, rotating parts, and seals for aircraft engines for more than 100 customers around the world.
The company broke ground for its facility extension on Tuesday afternoon.
Vice-president and general manager (global operations) Bill Fitzgerald, said: 'GE's investment clearly recognises Geasco's great reputation for delivering on customer and shareholder value and our commitment on expanding our product offerings in Singapore.'
'We are also very pleased with the partnership we have with the Singapore Economic Development Board who has been a huge supporter of this expansion plan, and we look forward to working even closer going forward.'
EDB chairman Lim Siong Guan, said: 'We are pleased to celebrate this significant milestone with GE as the company expands its maintenance, repair and overhaul capacity and capabilities in Singapore.'
'The growth of GE's operations here is clear testament of Singapore being an ideal location for business and investment.'
'GE's new facility underscores the company's strong relationship of more than 35 years with Singapore, and also reinforces our status as Asia's leading aerospace hub.'
Mr Fitzgerald said the fuel crisis that has hit airlines has not affected GE so far.