Bloomberg: GE to invest €700M in Italian research centers

• General Electric (NYSE:GE) plans to spend more than €500M on a center in Tuscany that will develop new gas turbines, and another €200M on plants that will look at innovation for manufacturing processes, Bloomberg reports.
• The Tuscan deal, part of a plan called Project Galileo, will involve hiring 500 engineers and senior-level staff, and could be inked as soon as this weekend or early next week when CEO Jeff Immelt visits the country.