But not in the U.S.
For months, GE has said that the failure to reauthorize the export financing agency, which congressional Republicans have singled out as an example of corporate welfare, would force the company to move jobs overseas or risk losing contracts for turbines, power projects and other industrial equipment.
GE said Tuesday it had signed an agreement for a line of credit for certain power projects from France’s export credit agency, Compagnie Française d’Assurance pour le Commerce Extérieur, or Coface, which would result in 400 jobs moving to Europe, primarily from facilities in New York, Texas, South Carolina and Maine. It said another 100 jobs would be moved next year from a facility outside Houston to Hungary and China to access export credit for customers of gas turbines used in aviation.
Executives say the company is bidding on $11 billion worth of projects, mostly in developing nations, and that bids won’t be entertained if they aren’t sponsored by an export credit agency. GE said, for example, that countries where such export credit agency sponsorship is required have accounted for 80% of total sales of those aviation-related turbines over the past three years.
”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 exports,” said John Rice, vice chairman at GE, in a statement on Tuesday.