EMCC European Monitoring Centre on Change

GE

Company/Organisation:
GE

Geographic Location

Country: Romania
Region: Bucuresti
Location of affected unit(s): Bucuresti (Bucuresti region)

Company

Sector: Professional services
Scientific research and development
72 - Scientific research and development
Group: General Electric

Employment Effects

Announcement Date: 23-05-2005
Type of Restructuring: Business expansion
Employment Effect Start: 23-05-2005
Foreseen End Date: 31-12-2007
Planned Job Creation: 2000

Additional Information

General Electric will build a customer service plant for its clients across Europe in the capital of Romania (Bucuresti region). The platform will provide logistics, engineering and information technology services and will result in 2,000 jobs by 2007. According to a statement made by the Ministry of Economy and Commerce (Ministerul Economiei şi Comerţului, MEC), the North American Group has also announced its intention to relocate a part of its production from Hungary to Romania. General Electric is already present in many sectors of the Romanian market, developing contracts of up to $60 million per year. It entered the market as a provider for the Cernavodă nuclear plant (Sud-Est region). In 2003, General Electric set up a joint venture in Bucharest, called Turbomecanica Combustion Products, which manufactures aerospace combustion-engines. Currently, the group has expressed an interest in several other economic activities in Romania. Worldwide, General Electric is one of the largest companies in terms of capitalised stock and has the most diverse portfolio of activities ranging from industry, through financial services to media and technology. General Electric operates in over 100 countries and has 300,000 employees.