The General Electric Co (GE) Board of Directors has appointed a long-time company executive to lead its GE Aviation and additive manufacturing (3D printing) business divisions. (See Also: General Electric Bets on a Coal Future (GE).)
GE’s Board this week named David Joyce as a company vice chair. In this role, Joyce is expected to lead GE’s efforts to establish and expand its 3D printing equipment and materials and services business and continue to explore ways to grow GE Aviation, GE said in a prepared statement.
Who Is David Joyce?
Joyce has been with GE for three decades, serving in a variety of positions at GE Aviation. He helped design and launch numerous GE Aviation engines, GE said, and gained “broad and deep knowledge through a series of technical and leadership roles.”
Most recently, Joyce served as CEO of GE Aviation, a role he has held since 2008. GE CEO Jeff Immelt pointed out that GE Aviation has experienced “unprecedented growth and expansion” under Joyce’s leadership over the past eight years, increasing its business revenues from $19 billion to $25 billion during that time.
What to Expect from the GE Aviation and 3D Printing Divisions
Both the GE Aviation and 3D printing divisions could play important roles in GE’s growth for years to come, particularly with Joyce leading these segments.
In the second quarter of 2016, GE Aviation recorded roughly $6.5 billion in revenues, up 4% from approximately $6.25 billion one year earlier. Also, GE Aviation unveiled more than $25 billion in orders and commitments in the quarter that could drive the sector’s growth.
Comparatively, GE has shown a willingness to invest in 3D printing. The company this month announced plans to acquire 3D printing equipment companies Arcam AB and SLM Solutions Group for approximately $1.4 billion. Furthermore, GE noted it anticipates its additive business to be worth $1 billion by 2020 and to deliver $3 billion to $5 billion of “product cost-out” throughout the company over the next decade. (See Also: GE to Acquire Two 3D Printing Equipment Companies (GE).)
The GE Aviation and 3D printing segments are sure to get plenty of attention in the foreseeable future. As such, these segments could drive substantial revenue growth for GE.