GTE Announces Capacity Expansion
Gas Turbine Efficiency plc (GTE) announced that it will expand global capacity to meet increased demand for its products. The company further reported that its order backlog to date in 2009 is US$24.7 million, up 73% from March 2008. For the year ended December 31, 2008, group revenue is expected to have increased by 96% to around US$35 million.
As part of its expansion plans, GTE has signed an agreement to be the cornerstone company in the planned Green City Business Park in Stockholm, Sweden. The new facility will have three times the current capacity and will continue to provide products for the aviation market. Additional capability for industrial, fuel and combustion solutions will be added to service customers in Europe, Russia, Middle East, and Asia. Recently, GTE has set up a new United Kingdom operating subsidiary. This presence will extend the company's footprint in the region and will be further extended to commercially support EMEA customers.
In the United States, GTE recently expanded its assembly operation in Florida from 1394 m2 to 3716 m2. This facility will continue to service the growing demand for industrial products and have the flexibility to meet aviation demand in the U.S. The company will also formally open its new combustion and power plant solutions center in South Carolina which will give it a five-fold increase over its previous facility's capacity to 4645 m2.
“Over the last several years, we have developed a range of products and solutions that bring substantial value to the Aviation, Power Generation and Oil & Gas industries in the form of fuel efficiency improvements, equipment life extension, operational cost savings and environmental compliance,” said Steve Zwolinski, GTE's CEO. “Customer revenues are expected to have almost doubled during 2008 and we have experienced another record start to the year in 2009, in terms of customer orders. The expansion in our assembly capacity will enable us to satisfy increased demand and provide more operational flexibility in both established and emerging markets.”
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