Tuesday, September 15, 2015

USA: General Electric to Move Turbine Business to Europe

GE to Move Production and Jobs for Turbines and Generators to Europe; Secures Financing from COFACE and Others (News Release)

With no U.S. export financing available, GE has pursued non-U.S. options to meet customer requirements. Total of 500 GE jobs moving outside the U.S.

U.S. based company General Electric (GE) is currently bidding on $11 billion of projects that require export financing. GE has reached an agreement with the French export credit agency (COFACE) to provide a line of credit for global power projects. This line of credit will initially support potential orders in a number of international markets including Indonesia.  Also, to access the required export credit for its customers of its aeroderivatives turbines, GE will move its final assembly from the U.S. to Hungary and China.  As related projects are bid and won in these two product lines, GE will move approximately 500 jobs from Texas, South Carolina, Maine and New York to France, Hungary and China.

The European Commission recently approved General Electric (GE)’s acquisition of Alstom’s power and grid business following an in depth review.

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