GE to invest $432M to revamp appliance biz

 GE says it will spend $432 million to establish four U.S.-based refrigeration design and manufacturing plants that will be centers for the company’s new energy efficient line of refrigerators and other appliances.

General Electric Co. said Monday the move will also create 500 new jobs by 2014.

GE says its investment is an effort to revitalize its appliance business and take advantage of U.S. factories increasing global competitiveness.

The centers will be at existing locations in Louisville, Ky.; Bloomington, Ind.; Decatur, Ala., and Selmer, Tenn. The Bloomington, Ind., site had previously been scheduled to close.