General Electric said on Thursday it plans to invest more than $450 million in its existing manufacturing facilities in the United States this year and hire more than 1,700 employees, in a bid to bolster its aerospace and energy businesses.
The move comes as the Boston-based conglomerate is wrestling with inflationary and supply-chain pressures, and is adjusting its prices to offset higher costs.
The company, which operates 58 facilities in the U.S., said it will invest in cutting-edge equipment, facility upgrades, other improvements. The improvements are being made as GE is looking for ways to improve costs and inventory, it added.
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The upgrade come ahead of the company’s planned creation of two independent companies in energy and aerospace.
GE, which completed the spin-off of its healthcare unit in January, has plans to spin off its energy businesses, including renewables, into a separate company next year.
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GE Aerospace expects to invest more than $335 million across its U.S. facilities, while the energy unit, GE Vernova, anticipates investing upwards of $117 million.