The expanded facility will manufacture central unit control panels (UCP) for gas and steam turbine power plants to meet new customer needs.

GE said the investment will drive top-line growth by expanding the range of applications and engineering capability for custom design and will the new products and solutions globally from its Fót facility.

The facility, which will leverage local expertise, will increase control panel production capacity and operational efficiency.

In Hungary, the company has 12 plants, three technology centers and three regional head offices.

GE Oil & Gas global supply chain leader Dave Cox said, "Over the past two decades, Hungary has been a key manufacturing location for GE. We consider Hungary to be a globally competitive epicenter not only for innovation but for skilled labor as well."

"The highly talented and motivated Hungarian workforce with their professional training and expertise is a significant advantage. We are pleased to expand our presence in Hungary," Cox added.

The expansion will result in 114 new jobs, including 40 engineers.