Cook Group expects to close on the $6.5 million purchase of Bloomington’s former General Electric plant by the end of the month.
Baltimore-based Cross Street Partners has been chosen to take on the redevelopment of the General Electric Broadway Campus in Fort Wayne.
Employees will receive 90 percent of their base salary and unreduced benefits through June 15, 2017.
GE management is proposing closing the Bloomington plant, but says 94 percent of employees are eligible for a retirement package.
The president of Bloomington’s electrical workers union says the union will likely finalize the tentative agreement with GE next week.
GE is selling its appliances business to a Swedish manufacturer for $3.3 billion.
Within five years, the workforce at the GE Aviation plant is expected to exceed 200 people.
GE is laying off 131 employees at its Bloomington plant because of a drop in demand for the company's side-by-side refrigerators.
GE workers rallied Thursday in hopes the company would reconsider its decision to lay off 160 workers.
GE announced plans earlier this month to lay off 160 workers from its Bloomington plant.