The Traderszone Network

Published in TZ Latest News 15 September, 2015 by The TZ Newswire Staff

GE to move U.S. jobs overseas in fight over export credits

WASHINGTON/NEW YORK (Reuters) – Flexing its muscles amid a bitter congressional fight over the U.S. Export-Import Bank, General Electric Co (GE.N) on Tuesday revealed plans to shift up to 500 U.S. manufacturing jobs to Europe and China because it can no longer access EXIM financing. The largest U.S. industrial conglomerate said it will move production of some heavy duty gas turbines and 400 jobs to Belfort, France, in exchange for a credit line from France’s COFACE (COFA.PA) export agency. The deal will support GE bids for international power projects.