Haier Group to buy Louisville-based GE Appliances for $5.4 billion
GE's Appliance Park in Louisville is so massive it has its own zip code.
Louisville Mayor Greg Fischer says no employees will lose their jobs as a result of the GE's sale to Haier.
LOUISVILLE, Ky. (WDRB) -- General Electric has agreed to sell its Louisville-based appliance division to Haier Group of China for $5.4 billion.
The deal comes just a month after GE pulled the plug on a previously announced $3.3 billion sale of the division to Electrolux, which ran into opposition from U.S. regulators.
Haier, which has a scant presence in the U.S., said it will keep GE Appliances' headquarters in Louisville and its management in place -- a relief for Louisville leaders concerned about maintaining 6,000 well-paying local jobs.
Louisville Mayor Greg Fischer said the deal will create a company "that is the envy of the global appliances industry."
"We're very excited about keeping our whole team intact here," Fischer said.
Fischer said Haier wants to use Louisville as its headquarters to grow its U.S. presence and is dedicated to investing in Louisville and the GE product line.
Dana Crittendon, president of IUE-CWA Local 761, which represents about 3,800 hourly workers at GE Appliance Park, said the Haier deal is better for local workers than the proposed sale to Electrolux.
"Louisville will be the headquarters and I think that's a huge win," he said. "Electrolux was going to keep their headquarters in Charlotte. No one will lose their job over this. There's actually the possibility for more jobs."
Under the terms of the sale, Haier will continue to use the GE Appliances logo and brand for 40 years or longer.