Immelt: GE's New Tech Center A Perfect Public, Private Deal
General Electric CEO and Chairman Jeff Immelt told CNBC Friday that the opening of a manufacturing technology center in Michigan is a perfect example of public and private partnership working together.
"I think Michigan has a tremendous workforce," said Immelt. We think we can step right in and get up to speed quickly. These public/private partnerships are the wave of the future."
"We'll be making high tech parts, wind turbine and aviation related equipment," said Immelt. "We already have a strong relationship with Michigan and this is another part of that."
The Advanced Manufacturing and Software Technology Center will include a GE research and development facility with scientists and engineers who will develop manufacturing technologies for GE's renewable energy, aircraft engine, gas turbine and other products.
The center, which is expected to open later this year in Van Buren Township, Michigan, also will work on software development, networking and other services and employ some 1,100 people
Michigan Governor Jennifer Granholm (D) appeared with Immelt on CNBC for the announcement. "The are high paying jobs," said Granholm. "The facility is near the University of Michigan and so we expect a lot of young people to be finding jobs and staying in Michigan."
Immelt said that that he expects the jobs to be net jobs for the state.
Other Immelt comments:
On economic recovery-"I think the underpinnings are there for a recovery. This recovery is gong to be led by business investment and exports. That is the only way through this."
On GE needing government funds-"We are keeping our options open but the debt we've issued since May is unguaranteed debt and we think the capital markets are in a better way."
As for worries on inflation and hyper-inflation-"I don't believe it's a real concern. The focus should be on re-investing and exports."
(GE is the parent company of CNBC)