GE Aerospace Launches as Independent, Investment-Grade Public Company

GE Aerospace (NYSE: GE) on April 02, 2024, announced its official launch as an independent public company defining the future of flight, following completion of the GE Vernova spin-off.

With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace launches as an established global leader in propulsion, services, and systems.

The company generated approximately $32 billion in adjusted revenue in 2023, with 70 percent generated by services and the strong economics of the engine aftermarket.

GE Aerospace also announced that it is investing $650 million in its manufacturing sites and supplier partners — including $16 million at its site in Greenville, South Carolina.

The investment will go for high-precision equipment, machines and tooling to produce parts used in narrowbody and widebody aircraft engines.

"These investments in technology advancements give us the ability to increase production capacity and reduce lead time for parts in some of the most in-demand commercial jet engines. The investments couldn't come at a better time as GE Aerospace becomes an independent company," said Chris Ubillus, site leader for GE Aerospace Greenville.

GE Aerospace and its partner engines power three out of every four commercial flights around the world and two-thirds of U.S. military aircraft.

Officials said GE Aerospace continues to see strong demand from its military and commercial customers for new engines and to maximize the availability of engines in operation. 

The launch of GE Aerospace represents completion of GE’s multi-year financial and operational transformation.

Over the last several years GE has taken steps to significantly strengthen the business, including more than $100 billion in debt reduction since 2018.

Officials said the stronger foundation enabled the successful creation of three independent companies – GE HealthCare, GE Vernova, and GE Aerospace – each of which are now well-positioned to build upon GE’s history of innovation. 

Delta Children’s Products Selects Orangeburg County For Company’s First South Carolina Operations

Delta Children’s Products, a children’s furniture manufacturer, said it selected Orangeburg County to establish its first South Carolina operations. The company’s $33.1 million investment will create 123 jobs, according to Gov. Henry McMaster’s office.

Founded in 1968, Delta Children designs, manufactures and sells innovative children’s furnishings.

The company offers a variety of products for infants, toddlers and tweens including cribs, dressers, bassinets, strollers, toddler beds and room decor.

Delta Children also manufactures infant, toddler, twin and full mattresses under the Delta, Serta and Simmons brand names, along with various products under the Disney and Jeep brands.

The company’s products are sold in major retailers and local businesses nationwide.

Delta Children will build a 400,000-square-foot manufacturing and distribution facility on Millennium Drive in Orangeburg.

Operations will be online in 2026.

The state’s Coordinating Council for Economic Development approved job development credits related to the project.

The council also awarded a $300,000 Rural Infrastructure Fund grant to Orangeburg County to assist with the costs of building improvements.

West Shore Acquires Preserve at Essex Farms in Charleston, SC; Surpasses 15,000 Units Owned and Operated

West Shore, a fully integrated real estate investment firm with a specific focus on the acquisition and management of multifamily assets, announced its acquisition of The Preserve at Essex Farms in Charleston, South Carolina.

Officials said the purchase marks a major milestone for the fast-growing company, as it now owns and operates more than 15,000 units across the Southeastern and Southwestern United States since its founding less than eight years ago.

This is West Shore’s ninth purchase in the Palmetto State, increasing its total units under ownership and operation in South Carolina to nearly 2,500.

The Preserve at Essex Farms is located in the West Ashley neighborhood of Charleston, an established and growing area that officials said provides access to both employment and lifestyle destinations, earning its recognition as one of the top cities ranked by Travel + Leisure for the last eight years.

The property offers an array of apartment options, from studios to three-bedroom units in a variety of layouts including townhome-style homes.

The apartments feature fully equipped, modern kitchens, in-unit washers and dryers, large private balconies, and spacious living spaces.

Preserve also provides amenities such as a pool, 24-hour fitness center, coffee bar, and more. The apartment community is pet friendly and caters to residents’ needs, including offering a leash-free park and spa for furry companions.

“Our continued investment in the Southeast, highlighted by our acquisition of The Preserve at Essex Farms in Charleston, marks a historic moment in West Shore’s sustained and impactful growth as the firm now owns and operates over 15,000 units across the United States,” said Lee Rosenthal, president of West Shore.

Rosenthal added, “This acquisition and the 15,000-unit milestone West Shore achieved in under eight years underscores the success of our strategy that blends an entrepreneurial approach with institutional investment discipline in the ownership and operation of multifamily assets.”

The Preserve at Essex Farms is located at 3245 Glenn McConnell Pkwy in Charleston.

Four Things To Do If You Can’t Afford Your Tax Bill

The Monday, April 15 Individual Income Tax due date is fast approaching.

If you expect to owe a tax bill after you've filed, and you're worried you can't pay, the South Carolina Department of Revenue (SCDOR) wants you to know that you have options.

First – don't panic. Both the IRS and the SCDOR offer payment plans that may be available to you.

Here are 4 things you should do if you're worried you can't pay your tax bill:

File your tax return on time. This will reduce the amount of penalty and interest you owe, which is based on the balance not paid by the due date. By the way, the April 15 due date was mentioned; that deadline is extended to Wednesday, May 1 for South Carolina returns only if filing electronically.

Pay what you can by the filing deadline. Even if you can't pay the full amount due, the SCDOR encourages you to pay what you can, when you can. This too will reduce the amount of penalty and interest you owe.

Consider entering into a payment plan with the SCDOR. If you've received a notice informing you of a tax bill, you may qualify for a payment plan with the SCDOR. To be eligible:

You must not have an active levy or garnishment with the SCDOR.

You must have an eligible bank account.

You must first receive a notice indicating that you owe a balance.

If you are already on an approved payment plan with the SCDOR, you may be able to add your liability to the existing plan using the FS-147. Learn complete eligibility requirements and request a payment plan at dor.sc.gov/payplan.

Research other options to help you pay what you owe. Your bank or another financial institution may offer lower interest rates and better terms than the SCDOR.

Here are 3 things NOT to do if you can't afford your tax bill:

Do not delay filing your return. Avoiding your tax obligations will not cause them to disappear. Filing on time will reduce the amount of penalty and interest you will owe.

Do not wait to begin paying your bill with a payment plan. Pay as much as you can by the April 15 due date so the interest charged on your balance going forward is lower. We have tips to help you make a payment to the SCDOR.

Do not enter into a payment plan with the SCDOR or the IRS without first doing your research. Compare your options, such as a loan from your bank, to find out what works best for you.

The IRS has additional tips that can help you weigh your options if you owe a balance on your federal return.

To prevent future tax bills, take time to determine what caused the bill, if it was unexpected.

You may need to adjust your withholding, make quarterly estimated payments, or increase the amount of your estimated payment.

Remember, when it's time to file, the SCDOR encourages you to choose the electronic filing option that's best for you. Go to dor.sc.gov/iit-filing to learn more. 

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