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General Electric says 430 new jobs will be created at its Appliance Park operation in Louisville when it adds a new line of energy-efficient washers and dryers.

Company officials announced Monday that they plan to invest $80 million in the operation, which will begin turning out front-loading washers in the third quarter of 2012, and new dryers about a year later.

GE is getting more than $26 million in state and local tax incentives for the project.

Governor Steve Beshear says its a good investment by the government.

“This project will pay for itself many times over in terms of the economic impact it will have on the commonwealth,” Beshear said during a press conference at Appliance Park.

The announcment comes about six months after GE said it would produce a line of new hybrid water heaters in Louisville, creating about 400 jobs.

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General Electric’s Consumer and Industrial CEO says the company remains dedicated to its Louisville-based appliance and lighting division, a year after announcing a possible spin-off.

GE stalled plans to turn the division into a separate company last year, and Consumer and Industrial CEO James Campbell says he hasn’t heard any updates on restarting that process.

“The board has been real clear: run the business like we’re in it,” says Campbell. “And that’s where the employees are, and we’re just going, you can see from the presentation, we’re just going full steam ahead on it.”

After speaking to the Rotary Club on Thursday, Campbell said appliance sales are dependent on the housing market and unemployment numbers. People without job security are unlikely to upgrade their furnishings, he says, and customers typically buy new appliances when they buy new homes.

But, Campbell says he still sees a market for new appliances.

“I think there’s still a desire for people to want to invest in their homes,” he says. “And I think, from different builders I’ve talked to, remodeling seems to be a little bit on the upswing.”

Louisville’s Appliance Park has some 41 hundred employees.

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