Enter multiple symbols separated by commas

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.

Jeffrey Immelt
Jeffrey Immelt

"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)


  • Where to find value? Stocks vs. bonds

    Rich Pzena, Pzena Investment Management, weighs in on whether the bull run is over as rates rise on the 10-year. And the FMHR provide their play on bonds.

  • Invest in US-centric stocks?

    The FMHR crew weighs in on whether now's the time to seek returns overseas. And Rich Pzena, Pzena Investment Management, shares his play on bank stocks as interest rates rise.

  • Wells Fargo

    The lawsuit alleges that employees misused customers' confidential information, according to the paper.