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Gov. Rick Perry today announced the state is investing $4.2 million through the Texas Enterprise Fund (TEF) in GE Transportation for the creation of a locomotive manufacturing facility in Fort Worth. This investment will create 775 new, high-tech manufacturing jobs and up to $96 million in capital investment.
“Texas continues to attract employers of all sizes that are looking to create jobs and grow their business thanks to our low taxes, reasonable and predictable regulatory climate, fair legal system and skilled workforce,” Gov. Perry said. “This investment in Fort Worth will continue to strengthen the economy in North Texas and in our state, creating jobs and prosperity for hundreds of Texans.”
GE’s new facility will manufacture, assemble and remanufacture the company’s leading rail and transportation-related products, including their Evolution® Series locomotive, which reduces fuel use by 5 percent, or around 640,000 gallons over the lifetime of the locomotive, while reducing emissions by approximately 40 percent. GE Transportation is the largest producer of diesel-electric locomotives for freight and passenger use in the U.S., with sales in excess of $3.5 billion and approximately 10,000 employees worldwide.
“GE Transportation is experiencing strong U.S. and global growth because of its technical leadership, and we need to increase our manufacturing capacity and flexibility,” GE Chairman and CEO Jeffrey Immelt said. “This Texas Enterprise Fund investment will help create a new state-of-the-art plant in Fort Worth that will produce the world’s most advanced locomotives and transportation products, expand our service and repair capability, and create hundreds of new high-tech manufacturing jobs.”
“The City of Fort Worth is proud that GE has chosen to locate here and manufacture the very locomotives that will help move goods – products that we use in our daily lives – throughout our state, the region and the country,” said David Berzina, executive vice president of economic development, for the Fort Worth Chamber of Commerce. “The significance of GE’s decision to build a new plant here, and the impact it will have on commerce in North Texas and beyond, cannot be understated.”
“As a major transportation hub, North Texas is the perfect location for G.E. Transportation's new locomotive manufacturing facility,” State Sen. Jane Nelson said. “This facility will create 775 good jobs for our citizens and also provide opportunities for regional suppliers.”
“I am thrilled that a world class organization like General Electric has chosen to locate their manufacturing plant in Denton County. This demonstrates that Texas is continuing to lead the nation out of this recession through sound economic policy,” State Rep. Tan Parker said. “The local economic impact from this facility's construction and operation will be tremendous. Texas is most certainly open for business.”
The legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007 and 2009 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state’s most competitive tools to recruit and bolster business. To date, the TEF has invested more than $435.3 million and closed the deal on projects generating 58,179 new jobs and more than $14.6 billion in capital investment in the state.
For more information about the TEF, please visit http://www.texaswideopenforbusiness.com/financial-resources/texas-enterprise-fund.html or http://www.governor.state.tx.us.