COLUMBUS, Ohio, Nov. 5 /PRNewswire/ -- GE Aviation's recent announcement of a $200 million revitalization of its Evendale, Ohio headquarters further strengthens Ohio's global leadership position in the aerospace industry, according to the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment.

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"Ohio is home to some of the best and brightest talent in the aerospace industry, and our plans for our Evendale headquarters complement the state's goal of continuing to its leadership position in the aerospace industry," said David Joyce, president and CEO of GE Aviation. "We are very gratified by the growing partnership between Ohio and GE Aviation."

The $200 million revitalization project is a strategic public-private partnership that includes a $100 million investment by GE Aviation for capital improvements, a 15-year Job Retention Tax Credit from the Ohio Department of Development valued at more than $100 million and a $1 million grant from the village of Evendale to launch the revitalization. The project includes modernizing engine test and production facilities, razing inefficient buildings and acquiring new equipment for long-term stability and growth.

GE Aviation, the world's leading producer of jet engines, employs about 7,400 people in the southern Ohio and northern Kentucky region, with a payroll exceeding $600 million. In addition, GE Aviation is one of Ohio's leading exporters, taking advantage of Ohio's world-class multi-modal transportation infrastructure and reflecting the growing global nature of the company. More than 50 percent of GE Aviation's revenues are derived from international customers.

GE Aviation, an operating unit of General Electric Company (NYSE: GE), is a world-leading provider of commercial and military jet engines and components as well as avionics, electric power, and mechanical systems for aircraft. GE Aviation also has a global service network to support these offerings. For more information, visit www.ge.com/aviation.

"GE Aviation is one of the most innovative and successful companies in the aerospace industry, as well as an important part of Ohio's economy," said Governor Strickland. "Today's expansion announcement is the result of a valuable collaboration among company leaders and officials at the state and local level. In partnership with GE, this strategic investment will help retain 5,000 jobs and position Ohio as a premier location for growth in aviation and aerospace."

Only Ohio can boast two federal laboratories, ten leading universities with dedicated doctoral level research and education programs in aerospace related disciplines, and more than 450 aerospace manufacturers and suppliers all working in collaboration to develop innovative solutions for the nation's aerospace needs. The birthplace of flight, Ohio continues to be a pioneer in aviation. Ohio is the nation's leader in advanced propulsion and power technology, providing a world-class research environment that includes two dedicated federal aerospace laboratories - Wright-Patterson Air Force Base in Dayton and NASA Glenn in Cleveland - and ten aerospace related doctoral programs at Ohio universities. Ohio is leading the country in fields such as propulsion and power, advanced materials, advanced design and advanced manufacturing.

Ohio's aerospace industry is supported by the Ohio Third Frontier Program, the state's largest-ever commitment to expanding Ohio's high-tech research capabilities and promoting innovation and company formation to create high-paying jobs for generations to come. Since its inception, the program has created or commercialized more than 500 companies and has already created $6.6 billion in economic impact in Ohio, a 9:1 return on investment.

"Businesses, such as GE Aviation that are leaders in the aerospace industry, recognize the business and personal benefits of being located in Ohio," said Ed Burghard, executive director of the Ohio Business Development Coalition. "Business owners profit from the state's newly revamped corporate tax code as well as the bottom-line benefits of better work-life balance for their employees. In Ohio, executives and employees have the resources and time to pursue their professional goals and personal aspirations without having to sacrifice one for the other. Ohio truly is the state of perfect balance."

About the Ohio Business Development Coalition

The Ohio Business Development Coalition (OBDC) is a nonprofit organization that markets the state for capital investment. The OBDC provides marketing strategy and implementation to support Ohio's economic development efforts. For more information on business development or business relocation, visit www.ohiomeansbusiness.com.

For more information about Ohio's aerospace industry, view the complete industry brochure at http://www.ohiomeansbusiness.com/docs/Ohio_Aeropropulsion_Brochure.pdf

SOURCE Ohio Business Development Coalition