Breaking News in Louisville, Kentucky - GE to sell Appliance Division

This afternoon The Wall Street Journal is reporting that General Electric (GE) has contracted with Goldman Sachs to auction its Appliances Division. The Louisville-based division has been hit hard by the US housing slump and has been struggling over the last several quarters. Today's blow may be much harder to recover from.

The news came as a surprise to employees, union leaders, and community leaders. Mayor Jerry Abramson issued a statement to local news organizations which concluded with "Officials told me they were looking at possible reductions throughout their global operations, including Louisville, but they did not indicate that selling Appliance Park was part of their plan."

Appliance Park was opened in 1951. In the late 1970's the park over 25,000 people were employeed at the 1000 acre facility. Today, about 5,000 people remain. Refrigerators, Dishwashers, and Washing machines are still produced in Louisville.

In addition to Louisville, GE also has US-based appliance manufacturing sites in Decatur, AL, Bloomington IN, Selmar, TN, and Northern GA.

Early speculation lists potential buyers as LG Electronics, Haier, and Royal Philips.

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I am a licensed real estate agent with RE/MAX Alliance. I work with buyers and sellers in Louisville and Bullitt County including Shepherdsville, Mt. Washington, Brooks, and Lebanon Junction. Whether you are relocating to Bullitt County or simply moving across town, feel free to send me an email or contact me.