Singapore Markets closed
  • Straits Times Index

    3,101.93
    +9.82 (+0.32%)
     
  • Nikkei

    28,029.57
    +276.20 (+1.00%)
     
  • Hang Seng

    23,766.69
    -22.24 (-0.09%)
     
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • BTC-USD

    49,029.30
    -4,036.26 (-7.61%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • Dow

    34,580.08
    -59.71 (-0.17%)
     
  • Nasdaq

    15,085.47
    -295.85 (-1.92%)
     
  • Gold

    1,782.10
    +21.40 (+1.22%)
     
  • Crude Oil

    66.22
    -0.28 (-0.42%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • FTSE Bursa Malaysia

    1,501.74
    0.00 (0.00%)
     
  • Jakarta Composite Index

    6,538.51
    -45.31 (-0.69%)
     
  • PSE Index

    7,055.19
    +22.65 (+0.32%)
     
BANKS:

DBS CEO says tough for digital banks to muscle into Singapore

GE Appliances to Invest $450 Million and Add Jobs at Its Kentucky Manufacturing Operations Over the Next Two Years

·4-min read

LOUISVILLE, Ky., October 28, 2021--(BUSINESS WIRE)--GE Appliances (GEA), a Haier company, announced plans to invest $450 million at its Appliance Park headquarters and manufacturing operation and add more than 1,000 new jobs by year-end 2023. This is one of the largest investment announcements in the company’s 100-year history. The plans include continuing to upgrade facilities, increase capacity and launch new products. GEA made the announcement as part of its Manufacturing Month celebration.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211028005896/en/

Appliance Park - GE Appliances' headquarters in Louisville, KY (Photo: GE Appliances, a Haier company).

Over the last five years, GE Appliances has invested more than $1.3 billion in its U.S. manufacturing and distribution operations and created more than 3,000 new jobs – with a majority in Kentucky. A 2020 economic impact analysis released by the company in January 2021 reported that GEA’s investments, supplier base, customers and payroll contributed $11 billion to Kentucky’s GDP that year.

"GE Appliances continues to bring manufacturing back to the United States - creating jobs and economic growth," said Kevin Nolan, president and chief executive officer for GE Appliances. "We want zero distance between us and the millions of families across America we serve with our products."

Today, GEA received preliminary approval of its plan and increased economic development incentives by the Kentucky Economic Development Finance Authority (KEDFA), which was established within the Cabinet for Economic Development to encourage business expansion and job creation. KEDFA offers an array of financial assistance and tax-credit programs to further the Commonwealth's goals of achieving long-term economic growth and employment opportunities for Kentuckians.

"I want to thank Governor Beshear and the entire economic development team for their understanding of the importance of growing and sustaining existing businesses in the Commonwealth," said Nolan.

"As GE Appliances grows, Kentucky and our residents stand to benefit. This substantial investment will better position the company for the years ahead and will create quality job opportunities for Kentuckians," Gov. Beshear said. "I want to congratulate the Louisville community on this future investment and thank the leaders at Haier and GE Appliances for their commitment to the Commonwealth."

"GE Appliances is a company that you can count on day in and day out. From today’s exciting announcement to its ‘Blue Wave’ of community service, GEA is a national model for its commitment to invest in U.S. advanced manufacturing, for its cutting-edge products and for its impact to the wellbeing of our community," said Louisville Mayor Greg Fischer. "Thank you to GEA for helping Louisville to be a leader in advanced manufacturing and to Kevin Nolan for his superb leadership!"

The decision by KEDFA was taken pursuant to the Kentucky Jobs Retention Act (KJRA), which provides incentives from the Commonwealth and the City of Louisville to support economic development plans conditioned on employer commitments to maintain employment at an agreed-on level. KEDFA first approved incentives for GEA in 2014 as part of an agreement that included the company’s commitment to maintain a workforce of not less than 5,263 employees at Appliance Park. GEA has exceeded its original commitment and increased employment by about 2,000 people. The October 28, 2021, decision would increase the incentive amount to $80 million for the new investment and require maintaining a minimum of 7,100 employees for the next ten years.

About GE Appliances

At GE Appliances, a Haier company, we come together to make "good things, for life." We're creators, thinkers and makers who believe anything is possible and there’s always a better way. We’re a company powered by our people, made stronger through our diversity — allowing us to grow closer than ever before to our owners, anticipate their needs and enhance their lives. In 2021, we were certified as a Great Place to Work™, named one of the Best Companies for Multicultural Women, earned the Achievers 50 Most Engaged Workplaces® award, and received a perfect score for the fourth year in a row on the Human Rights Campaign’s Corporate Equality Index.

Since 1907, we’ve built innovative, quality products that are trusted in half of all U.S. homes. We sell appliances under the Monogram®, Café™, GE Profile™, GE®, Haier and Hotpoint brands. Our products include refrigerators, freezers, cooking products, dishwashers, washers, dryers, wine & beverage centers, air conditioners, small appliances, water filtration systems and water heaters. To learn more about GE Appliances, visit geappliancesco.com.

Follow us on
Facebook | Twitter | YouTube | LinkedIn

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005896/en/

Contacts

Media Contact:
Julie Wood, GE Appliances, a Haier company
(502) 741-1557 or julie_wood@geappliances.com

Julie Wood
Senior Director – Corporate Communications
GE Appliances, a Haier company
T +1 502 452 5914
M +1 502 741 1557
julie_wood@geappliances.com
www.geappliances.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting