"I'm proud to announce a multi-million dollar investment in our state which will revitalize this Evendale campus bringing facility to 21st century," said Gov. Ted Strickland.

Strickland said GE's jet engine facility will receive about $127 million in tax credits. The money will help keep nearly 7,500 workers in the area.

GE's Chief Operating Officer, David Joyce, said the company will invest $100 million in capital improvements.

"We will get rid of unused space that contributes to our overhead that we don't have efficient use of today," Joyce said.

GE also plans to  tear down old buildings which were built in the 1940s and add green space, plus possibly some new buildings.

Joyce said some of the current buildings do not fit the footprint of a modern aviation facility.

The announcement also included a plan for GE and the University of Cincinnati to team up.

Officials said a new UC research facility may be built at the GE campus.

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