GOP Export/Import Bank Fail - GE moving 80 Bangor jobs overseas (500 nationwide)

[jpak]

http://bangordailynews.com/2015/09/15/news/nation/ge-moving-80-bangor-jobs-overseas/

WASHINGTON — General Electric Co. said Tuesday it will move 500 U.S. power turbine manufacturing jobs to Europe and China because it can no longer access U.S. Export-Import Bank financing after Congress allowed the agency’s charter to lapse in June.

GE said France’s COFACE export agency has agreed to support some of the industrial giant’s global power project bids with a new line of credit in exchange for moving production of 50-hertz heavy duty gas turbines to Belfort, France, along with 400 jobs. GE also said in a statement that 100 additional jobs will move from the U.S. to Hungary and China.

The company said it is bidding on $11 billion worth of international power projects that require export credit agency financing, including some in Indonesia.

The U.S. jobs will be moved from facilities in South Carolina, New York, Texas and Maine but no U.S. facility will close, a GE spokeswoman said.

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