GE to Produce Heating, AC Unit at Kentucky Plant
October 07 2015 - 10:20AM
Dow Jones News
General Electric Co. said Wednesday that its appliance division
will begin producing a new heating-and-air-conditioning unit at its
Louisville, Ky., plant, in a move expected to create 75 new
jobs.
The unit, called GE Zoneline, is a through-the-wall heating and
air conditioning product primarily used in the hotel industry. GE
will start making that product in the first quarter, and the move
is part of a $250 million investment that GE Appliances is making
at that manufacturing location in the three years ending in
2016.
GE's move to bring production of the heating and cooling units
back to the U.S. comes as the company rebalances its work
portfolio, selling off GE Capital assets to focus more on core
industrial activities.
The Appliance Park in Louisville currently makes refrigerators,
dishwashers, washing machines, clothes dryers and hybrid water
heaters. GE Zoneline models were previously made there from 1961
until 1987, when production was moved overseas.
GE said Wednesday that it invested $40 million to build the new
production line, which will be manned by 100 operators, 75 of those
in new jobs.
The decision comes as GE also has been announcing plans to move
certain manufacturing jobs overseas after the U.S. Congress failed
in July to reauthorize the Export-Import Bank, the export-financing
entity in the U.S.
GE says that financing from an export-credit agency such as
Ex-Im is required for some $11 billion of projects for which it is
preparing bids, including power turbines, generation equipment and
aircraft engines.
Shares of GE rose 0.6% to $27.45 in premarket trading.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 07, 2015 10:05 ET (14:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Aug 2024 to Sep 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Sep 2023 to Sep 2024