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UAW Local 647 represents roughly 640 GE Aerospace employees. Union representatives say workers want better job security assurances and lower insurance costs ahead of the expiration of the UAW's current contract with the company.

The dollars will go toward facility upgrades and additional equipment to support growing demand at sites producing, testing, and assembling the company’s commercial and military engines, GE Aerospace says.

Employees marked the first day of operations as a standalone company by ringing the closing bell at the New York Stock Exchange.

GE Aerospace reports it's investing $107 million in upgrades to three area facilities.

Hybrid electric and sustainable fuel are just a few programs the partnership has taken on.