In order to deliver broad technical capabilities that can
deliver productivity gains and foster innovation for its Oil
& Gas customers,
General Electric Company
), recently selected a site in downtown Oklahoma city for the
company's first-ever global research center dedicated to Oil
& Gas technology. Construction on the 95,000 square feet
facility is expected to begin in 2014 spring with the building
being operational in 2015.
The new center will focus on accelerating mid- to later-stage
Oil & Gas technologies developed in GE's Global Research
laboratories including production systems, well construction,
water use optimization and energy systems. The center's close
proximity to many of its customers and the engineering expertise
will allow General Electric to accelerate the development of new
The strategic move by the company is intended to attract
international Oil & Gas partners and at the same time
generate more employment opportunities and economic activity for
Oklahomans. This technological set-up by General Electric will
provide a major boost to the local economy.
Additionally, the center will also build new working
relationships with the state's great university network,
including the University of Oklahoma, Oklahoma State University
and University of Tulsa. The center is expected to have a direct
and indirect economic impact worth $13 million for the state and
General Electric operates as a technology and financial
services firm. Its segments include Energy Infrastructure,
Aviation, Healthcare, Transportation, Home & Business
Solutions and GE Capital.
General Electric currently has a Zacks Rank #3 (Hold). Other
stocks that look promising and are worth a look now are
Hutchison Whampoa Ltd.
Raven Industries Inc.
), each carrying a Zacks Rank #2 (Buy).
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