On Thursday, Shares of General Electric Company (NYSE:GE), lost -0.24% to $24.51.
Hiring has already started for General Electric’s new chip plant in upstate New York, said Danielle Merfeld, director of GE’s power electronics unit, according to American City Business Journals.
Gov. Andrew Cuomo declared last month that GE Global Research and the SUNY Polytechnic Institute will develop a power electronics facility to make silicon carbide chips in Utica.
The small city, about 100 miles northwest of Albany, lost thousands of manufacturing jobs when GE, Lockheed Martin and other employers closed factories in the 1980s. This move will bring GE back to the Mohawk Valley and create 470 jobs. American City Business Journals Reports
The GE power electronics manufacturing facility was first declared at the Global Research center headquarters in Niskayuna last summer. The plan is to set up a manufacturing line at SUNY Poly in Utica by 2017. That line could produce about 30,000 chips a year — about 10 percent of the market, or $150 million a year. American City Business Journals added.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of ConocoPhillips (NYSE:COP), declined -0.02% to $48.18, during its last trading session.
ConocoPhillips safely delivered first oil at its Surmont 2 in-situ oil sands facility in Canada, marking a noteworthy milestone for the megaproject.
“The oil sands are an important part of our portfolio,” said Ryan Lance, chairman and chief executive officer. “We’re happy to see a project of this magnitude move from the capital phase to the production phase, knowing that it will produce for decades to come. Achieving this milestone on plan demonstrates our continued commitment to meet our operational targets.”
Construction of the Surmont 2 facility, the largest single-phase steam-assisted gravity drainage (SAGD) project ever undertaken, began in 2010. Earlier this year, ConocoPhillips declared first steam, the initial step towards production. Since that milestone, steam has successfully heated the reservoir to a point where the well pairs can be converted to a SAGD configuration and allows the oil to flow. Production was declared once the inspected product was successfully routed to sales tanks.
Production will ramp-up through 2017, adding about 118,000 barrels of oil per day (BOD) gross capacity. Total gross capacity for Surmont 1 and 2 is predictable to reach 150,000 BOD.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. Its portfolio comprises shale and oil sands assets; lower-risk legacy assets in North America, Europe, Asia, and Australia; various international developments; and exploration prospects.
Finally, General Mills, Inc. (NYSE:GIS), ended its last trade with 1.39% gain, and closed at $57.61.
General Mills, declared it has reached a definitive agreement to sell its Green Giant and Le Sueur vegetable businesses to B&G Foods, Inc., (BGS) for about $765 million in cash, subject to an inventory adjustment at closing.
General Mills will continue to operate the Green Giant business in Europe and select other export markets under license from B&G Foods.
The sale reinforces General Mills’ planned priority to shape its portfolio for growth, focusing its resources on the brands, categories, and geographic markets that have the greatest future growth opportunities.
General Mills, Inc. manufactures and markets branded consumer foods in the United States and internationally. It also supplies branded and unbranded food products to the foodservice and commercial baking industries.
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