The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Professional Services Scientific, Architectural And Engineering Technical Activities Scientific Research And Development 72 - Scientific research and development
2,000 jobs Number of planned job creations
Announcement Date
23 May 2005
Employment effect (start)
23 May 2005
Foreseen end date
31 December 2007
Description
General Electric will build a customer service plant for its clients across Europe in the capital of Romania (Bucuresti region). The platform will provide logistics, engineering and information technology services and will result in 2,000 jobs by 2007. According to a statement made by the Ministry of Economy and Commerce (Ministerul Economiei şi Comerţului, MEC), the North American Group has also announced its intention to relocate a part of its production from Hungary to Romania. General Electric is already present in many sectors of the Romanian market, developing contracts of up to $60 million per year. It entered the market as a provider for the Cernavodă nuclear plant (Sud-Est region). In 2003, General Electric set up a joint venture in Bucharest, called Turbomecanica Combustion Products, which manufactures aerospace combustion-engines. Currently, the group has expressed an interest in several other economic activities in Romania. Worldwide, General Electric is one of the largest companies in terms of capitalised stock and has the most diverse portfolio of activities ranging from industry, through financial services to media and technology. General Electric operates in over 100 countries and has 300,000 employees.
Sources
23 May 2005: Ziarul Financiar
Citation
Eurofound (2005), GE, Business expansion in Romania, factsheet number 61752, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61752.
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