General Electric Co. announced its GE Additive business will collaborate with GE Capital to sell and finance metal additive machines, also known as 3D printing machines.
The business move will give manufacturing companies access to 3D printing technology, spurring growth for medical, aerospace, automotive and machining markets. GE Capital will develop customized financial solutions for customers interested in the machines.
“Our dual expertise both in manufacturing and in equipment finance, allows us to create competitive financial solutions that support our customers’ strategic business goals,” said Trevor Schauenberg, president and CEO of GE Capital Industrial Finance. “Additive manufacturing is a key contributor to the manufacturing evolution.”
GE invested $1.5 billion in advanced manufacturing and additive technologies, and also recently announced it has acquired a 75 percent stake in Concept Laser GmbH and 76 percent of the share in Arcam AB.
Both companies are producers of metal additive machines. The two suppliers will report to David Joyce, the president and CEO of GE Aviation. Joyce will lead the growth of these businesses in the additive manufacturing equipment and services industry, according to a company news release.
“Additive manufacturing is the new revolution, changing the way we design and manufacture products faster, more sophisticated and more cost efficient,” said Mohammad Ehteshami, vice president for Additive Integration at GE Additive. “By partnering with GE Capital, we’re now able to democratize additive manufacturing, making it easier for businesses to buy additive machines, fostering their competitiveness and accelerating the adoption rate.”
GE expects to grow the new additive business to $1 billion by 2020, and also expects $3 billion to $5 billion of product cost-out across the company over the next 10 years.
In July, GE Aviation — headquartered in Evendale near Cincinnati — introduced its first additive jet engine component into airline services. The jet component is a “complex fuel nozzle interior,” which works within the LEAP jet engine.
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GE Aviation is Ohio’s largest manufacturing employer, according to state records. GE anchors an aerospace parts manufacturing industry that employs thousands in the region, including two locations in Dayton.
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