Prolec GE, a subsidiary of the joint venture between General Electric Co. (GE) and the Mexico-based private firm Xignux, Wednesday announced an additional investment of $85 million to meet North American demand for single-phase pad-mount transformers.
The company will increase its manufacturing capacity in Monterrey by equipping a new facility capable of annually duplicating the number of transformers produced at its existing Mexico facility.
Further, utilizing this opportunity Prolec GE will incorporate state-of-the-art manufacturing technology and the new facility will be located less than one mile from its existing location.
Construction of the new plant will begin in 2024 with the project slated to be completed in June 2025.
As per the company, an investment of $85 million to double the single-phase pad-mount transformer manufacturing capacity will help meet its electrification goals while improving grid resiliency, and efficiency.
The latest investment by Prolec GE brings the investment to more than $145 million in North America.
In pre-market activity, GE shares are trading at $122.30, down 0.02% and on the New York Stock Exchange.
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