GE calls Monday news conference to announce ‘historic agreement’

http://www.bizjournals.com/louisville/stories/2009/05/25/daily48.html

Friday, May 29, 2009, 4:43pm EDT

GE Consumer & Industrial has called a news conference for Monday, June 1, to announce what it calls a “historic agreement” between the company, the state of Kentucky, Louisville-Jefferson County Metro Government and International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers-Communications Workers of America Local 761.

On Thursday, the Kentucky Economic Development Finance Authority granted GE preliminary approval for $10 million in tax incentives over 10 years for the company to invest $69.2 million to develop a hybrid water heater production line, a dishwasher and refrigerator component line and a data center.

The projects are expected to create as many as 420 jobs at Appliance Park, according to the company’s incentive filing with the state.

On Thursday night, the Louisville Metro Council voted 25-0 to approve $2.5 million in occupational tax refunds over 10 years for the project.

Scheduled to attend the news conference are GE Consumer & Industrial president and CEO James Campbell, U.S. Rep. John Yarmuth, Kentucky Gov. Steve Beshear, Louisville Metro Mayor Jerry Abramson and IUE-CWA Local 761 president Jerry Carney.

Corporations always find a way to come out on top