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GE Spin-Off is Good News for Louisville & Kentucky

Thursday July 10, 2008

General Electric’s announcement today that it
will focus on spinning-off its Consumer & Industrial division into a new company is the best possible scenario for Louisville and Kentucky, Gov. Steve Beshear and Mayor Jerry Abramson said.

The move would give Louisville the chance to retain the jobs at GE Appliance Park – and to become the home of a new Fortune 250 company. The Consumer& Industrial division includes GE’s appliances, lighting and industrial units.

“This is a tremendous opportunity for Louisville and the Commonwealth to keep jobs and potentially create more,” Beshear said.

Abramson, Beshear and Greater Louisville Inc have already begun working on a plan to retain the new company. The team met most recently last week.

“Now, the real work begins – convincing this new company that Louisville should be the global headquarters for this new company,” Mayor Abramson said. “We will work hard to earn their business and grow jobs for the region.”

Joe Reagan, president of Greater Louisville Inc., said he will work with city and state leaders on any incentives needed to retain the new company.

“This is a new start-up company and we will have to create the most competitive environment possible for its success,” Reagan said.