I just read an article in the Evansville Courier stating that AIG, the owner of American General Finance, was looking to unload the Evansville based company. Although at this point AIG may just be talking big, according to the AIG spokesperson, a deal may be finalized within a month.
AIG sited problems with repaying the government bailout, big loses on investments, and American General’s posting of a loss for the 2nd quarter this year. Just last year, American General posted a $202 million dollar loss, although shrinking, the $11 million loss was still a big hit to the insurance behemoth.
The news of selling American General Finance and other restructuring moves within AIG, had their stock value going up today. But what effect will the sale of American General Finance have on Evansville? Certainly if the new owner is interested in operating the company out of their corporate head quarters, Evansville employees will get the boot. We can only hope that potential buyers will see the benefit of operating a business in Evansville and keep employees on hand. The city of Evansville can’t stomach another large job loss.
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