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GE to move engine plant to Canada as U.S. trade bank languishes

Published 09/28/2015, 10:11 AM
Updated 09/28/2015, 10:19 AM
© Reuters. The logo of US conglomerate General Electric is pictured at the company's site in Belfort

WASHINGTON (Reuters) - General Electric Co (N:GE) said on Monday it will move production of large, gas-powered engines to Canada from Waukesha, Wisconsin, along with 350 jobs, because the company cannot access financing from the U.S. Export-Import bank.

In its latest salvo aimed at persuading Congress to renew the trade bank's expired charter, GE said it will invest $265 million in a new state-of-the-art manufacturing plant at a Canadian location yet to be determined.

Export Development Canada will provide export financing support for products made in the new plant, GE said.

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