Sep
15
GE to Move 500 U.S. Jobs Overseas Following Ex-Im Bank’s Lapse
By-
Credit accord with France’s Coface means relocating production
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Packaging operations for some turbine sales also being shifted
General Electric Co., a longtime beneficiary of the U.S. Export-Import Bank, is moving 500 jobs to France, Hungary and China after Congress halted the agency’s ability to offer new financing.
“We’ve got $11 billion of active tenders that require some form of export credit financing,” GE Vice Chairman John Rice said Tuesday in a telephone interview. “We’ve got to start making some choices about where those products will be manufactured in order to qualify for export credit financing. Frankly, we’ve been pushed to do this.”…
GE to Move 500 U.S. Jobs Overseas Following Ex-Im Bank’s Lapse
