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GE to move engine plant to Canada, blames lack of Ex-Im Bank financing

|About: General Electric Company (GE)|By:, SA News Editor

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.

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