GE Oil & Gas (NYSE: GE) has announced it will establish its new global headquarters in London. Florence will remain the global headquarters for GE Oil & Gas Turbomachinery Products & Services, a more than $6 billion business and a key manufacturing and engineering site for the production of centrifugal compressors and gas turbines.
“London was selected as the new headquarters location given its position as a leading international business and travel hub. From this location, a team of leaders from our global support functions will be able to more efficiently reach and serve our colleagues and businesses globally,” said Dan Heintzelman, president and CEO of GE Oil & Gas.
The new global headquarters will support the business and 43,000 employees working in more than 100 countries. In addition to Turbomachinery Products & Services in Florence, GE Oil & Gas is comprised of Subsea Systems (Aberdeen, U.K.); Measurement & Control (Boston); Drilling & Surface (Houston); Downstream & Unconventional Products & Services (Houston); Lufkin (Lufkin, Texas) and PII Pipeline Solutions (Cramlington, U.K.).
GE Oil & Gas expects to relocate a limited number of employees, mainly associated with the support functions, to London. The new headquarters will be operational in London starting in January 2014.
Added Heintzelman: “Florence will keep strengthening its reputation as a center of excellence for the manufacturing of centrifugal compressors and gas turbines. In 2012 alone we invested more than $100 million in the modernization of our plants in Italy and continue to be committed to maintaining Florence as one of our premiere manufacturing sites. We deeply appreciate the ongoing support of our employees, suppliers and partners in the country who are committed to the success of this business and GE Oil & Gas global growth.”
GE Oil & Gas continues to experience positive growth in Italy—since 2009 the number of employees has grown by almost 10 percent. From 2011 to 2012 revenues have grown by almost 16 percent, with the company currently employing around 5,200 employees in Italy.