WASHINGTON, D.C. (May 9, 2017) -- Siemens and Chromally Gas Turbine Corporation this week announced a $130 million joint venture to manufacture turbine blades and vane cast components for power generation.

According to a Siemens release, the the new casting facility will operate under the company named of Advanced Airfoil Components. The venture is expected to create around 250 new jobs, with the first product shipment slated for 2018.

"The decision to form a joint venture and a new production facility continues our strong commitment to the US as a business location," said Willi Meixner, CEO of the Siemens Power and Gas Division. "Siemens and Chromalloy already have a long-lasting supplier relationship. Our new joint venture will exclusively supply Siemens with casting components for our gas turbines. We will continue our established key casting supplier partnerships and all the existing long-term agreements will be executed."

Siemens is currently evaluating several southern states for the possible facility location, which is scheduled to be completed in 2018.