Will moving to China devalue the brand? Will quality suffer?
To me? Absolutely.
I work with a company that moved some of its manufacturing to China and the initial product suffered horrible reliability problems.
The job loss is an even more important aspect. Two years ago I was shopping for a new car for my wife. We narrowed it down to a Ford or a Toyota. The Ford was made in Mexico, the Toyota in Kentucky. Made in USA was the deciding factor.