GE To Move 500 U.S. Jobs Overseas
General Electric Co. said Tuesday it will move about 500 jobs from the U.S. to overseas locations, as the expiration of the U.S. Export Import Bank (Ex-Im) authorization has forced the company to pursue non-U.S. options. GE said it is currently bidding on $11 billion of projects that require export financing, so it has commenced talks with several foreign export credit agencies to secure financing for its customers. The company said it reached an agreement with the French export credit agency to provide a line of credit for global power projects. To access the credit for customers of its aeroderivatives turbines, GE said it will move assembly from the U.S. to Hungary and China. GE said the jobs it will move from the U.S. will come from Texas, South Carolina, Maine and New York. "We call on Congress to promptly reauthorize Ex-Im," said GE Vice Chairman John Rice. "In a competitive world, we are left with no choice but to invest in non-U.S. manufacturing and move production to countries that support high-tech exporters." GE's stock, which edged up 0.4% in premarket trade, has dropped 9% over the past three months, while the Dow Jones Industrial Average has lost 8%.
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