One day after General Electric (NYSE:GE) announced a pair of contracts to supply Turkish Airlines with $2.4 billion worth of jet engines to power its Airbus A330-300 and Boeing (NYSE:BA) 777-300ER aircraft, GE announced two more contracts that will help it with TA's orders.
Specifically, on Tuesday, GE subsidiary GE Aviation announced that it will purchase the assets of two privately held Ohio manufacturers -- Morris Technologies and Rapid Quality Manufacturing. The two companies fall under the category of "precision manufacturers," specializing in "additive manufacturing" of both mechanical prototypes and production components. Both companies have worked with GE Aviation "for several years," including in the production of components for GE's successful LEAP jet engine, being developed as part of the CFM International joint venture with Safran.
In a statement on the purchases, GE noted that the additions of Morris and Rapid Quality to its company will assist in the company's expansion of jet-engine production rates to meet demand over the next five years. To further goose its growth rate, GE Aviation says it's opening two new production plants of its own -- and both in the United States -- next year.