GE Will Invest $432 Million, Add 500 Jobs in Appliances Division
GE will invest almost $200 million in a new plant in Louisville, Ky., and will add 300 jobs there, the company said in a statement Monday. GE will also keep a Bloomington, Ind., plant open, making $93 million worth of improvements while creating about 200 jobs.
GE's appliances operations, which the company tried to sell in 2008, are part of a Home and Business Solutions division whose operating profit for the three months ended Sept. 30 was unchanged at $104 million on a 1% drop in segment revenue. Overall, GE will invest more than $1 billion in the division and add more than 1,300 jobs over the next four years.
The company said on Oct. 15 said its fiscal third-quarter earnings jumped 29% from a year earlier as a surge in earnings from its GE Capital unit more than offset the effects of a 5% drop on overall revenue. Home and Business Solutions accounted for about 6% of the company's fiscal third-quarter revenue.