- General Electric (GE -1.2%) says it will stop manufacturing large, gas-powered engines at its Waukesha, Wis., plant and move 350 jobs to a new facility in Canada, citing the inability to access financing from the U.S. Export-Import bank.
- GE says it will invest $265M in a new state-of-the-art manufacturing plant at a Canadian location yet to be determined, in order to access export financing support for products made in the new plant from Export Development Canada.
- GE says export financing deals, like those it has secured in the past from the Export-Import Bank, are required as part of a formal bid on many major projects it competes for; the U.S. Congress failed in July to reauthorize the Ex-Im Bank, the export financing entity in the U.S.