(Reuters) - GE Aerospace said on Tuesday it planned to invest over $650 million into its manufacturing plants and supply chain this year to boost its production capacity to support demand from commercial and defense clients.
The company will invest nearly $450 million in 22 GE Aerospace facilities across 14 states in the United States and $100 million in some of its international sites. It also plans to invest an additional $100 million in its U.S.-based suppliers.
"The 2024 investment plan expands the company's capacity to continue ramping LEAP engine production, prepare for production of the GE9X, and to continue supporting the U.S. military and its allies around the world," GE said in a statement.
CFM International, GE's joint venture with France's Safran (EPA:SAF) SA, is an engine supplier for Boeing (NYSE:BA)'s 737 MAX jetliners and competes with RTX's Pratt & Whitney to power Airbus' 320neo jets.
Along with the investment, GE said that it was hiring over 1,000 employees at its U.S. factories.
Once an industrial conglomerate, GE in 2021 said it would split into three companies focused on aerospace, healthcare and energy.
The healthcare business was spun-off last year and the separation of the energy business is expected to be completed next month.