NEW YORK (TheStreet) -- Shares of General Electric (GE) - Get Report are rising by 0.96% to $28.48 at the start of trading on Friday morning, as the company is said to be investing $760 million in research and development centers in Italy.
The agreement could be signed this weekend or early next week when GE Chairman Jeff Immelt is in Italy, according to sources cited by Bloomberg.
The Fairfield, CT-based company will spend more than 500 million euros on a research center in Tuscany for new gas turbines and 200 million euros on centers that will explore innovation for manufacturing processes.
Deals "of great importance for Italian industrial and economic development" will be signed and investments will focus on Tuscany, Piedmont, Apulia and Campania, according to a GE statement cited by Bloomberg.
The Tuscan agreement will include hiring 500 engineers and senior employees and is part of a plan called Project Galileo.
GE is a diversified infrastructure and financial services company.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
This is driven by a number of strengths, believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered by the team.
The company's strengths can be seen in multiple areas, such as its increase in net income and solid stock price performance.
The team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that have been evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GE