And alloak will tell us this is just Congress doing exactly what they are supposed to do. #gridlock
General Electric Co. said Tuesday it will move 500 U.S. power turbine manufacturing jobs to Europe and China because it can no longer access U.S. Export-Import Bank financing after Congress allowed the agency’s charter to lapse in June. 80 jobs at the GE plant in Bangor, which manufactures key components for power turbines, will be moved to a GE facility in France.
GE moving 80 Bangor jobs overseas
WASHINGTON — General Electric Co. said Tuesday it will move 500 U.S. power turbine manufacturing jobs to Europe and China because it can no longer access U.S. Export-Import Bank financing after Congress allowed the agency’s charter to lapse in June.
The largest U.S. industrial conglomerate said France’s COFACE export agency has agreed to support some of GE’s global power project bids with a new line of credit in exchange for moving production of heavy-duty gas turbines to Belfort, France, along with 400 jobs.
U.S. facilities in Greenville, South Carolina; Schenectady, New York; and Bangor, Maine, will lose out on those jobs if GE wins the power bids, a GE spokeswoman said.
Rep. Chellie Pingree, D-Maine, who supported a bill to reauthorize the EXIM bank, issued a statement Tuesday morning in response to the announcement.
“There is a direct connection between the loss of this work in Maine and the failure by Congress to reauthorize EXIM,” Pingree said.
The news release also stated that 80 jobs at the GE plant in Bangor, which manufactures key components for power turbines, would be moved to a GE facility in France. The Bangor plant employs about 450 workers, according to a company spokesman.
GE also said 100 additional jobs involved in packaging aeroderivative gas turbines will move next year from outside of Houston to Hungary and China. No U.S. facility will close, a GE spokeswoman said.
The company is bidding on $11 billion worth of international power projects that require export credit agency financing, including several in Indonesia.
It will soon announce agreements with other foreign export credit agencies to finance GE products, GE Vice Chairman John Rice said.
“If the EXIM bank were open, it would be business as usual,” GE Rice said in a telephone interview.
“If you’re an export credit agency outside the U.S., you are now in the process of rolling out the red carpet to U.S. manufacturers,” Rice said. “There are many other companies other than us that are impacted by this.”
Aerospace giant Boeing Co. has also said it was considering moving work overseas because of uncertainty over the future of the EXIM bank.
Given the bitter fight in Congress over EXIM’s future, Rice said GE cannot afford to wait and must make other long-term financing arrangements for large industrial projects.
“If EXIM isn’t going to happen or it’s going to be a regular fight to be reauthorized, we’ve got to make other plans,” he said.
Conservative Republicans in Congress who say EXIM represents “corporate welfare” and “crony capitalism” successfully blocked renewal of the 81-year-old export credit agency’s charter at the end of June.
EXIM supporters have thus far been unsuccessful in attaching renewal to other legislation, but new efforts are expected this autumn as Congress considers government “must-pass” agency funding, a transportation bill and an increase in the federal debt limit.
GE last year vowed to add 1,000 jobs in France to gain the blessing of the French government for the U.S. conglomerate’s acquisition of the power business of France’s Alstom. GE won European regulatory approval for the deal last week, and expects it to close by the end of the year.
A GE spokeswoman said the 400 jobs that could be created in France from the deal with COFACE would come in addition to the jobs agreed on through the Alstom negotiations.
http://bangordailynews.com/2015/09/15/news/nation/ge-moving-80-bangor-jobs-overseas/
Sad news. More lives shattered. America is really starting to suck.
France is not out-competing the US worker on productivity or cost. the French worker enjoys 35 hr work weeks, 12 weeks vacation and a strong labor union. GE shifting jobs their has more to do with their acquisition plans for a French power co than the US not being competitive.
France is not out-competing the US worker on productivity or cost. the French worker enjoys 35 hr work weeks, 12 weeks vacation and a strong labor union. GE shifting jobs their has more to do with their acquisition plans for a French power co than the US not being competitive.
Do you have some inside info or other data to support that? Because you may be right but it's not what GE says in this article...
“If the EXIM bank were open, it would be business as usual,” GE Rice said in a telephone interview.
Are you upset by job losses? What about the coal industry, as well as the spillover effect taking hundreds of local businesses down with it? In many cases entire communities are shutting down. Is this Congresses fault, too?
Are you upset by job losses? What about the coal industry, as well as the spillover effect taking hundreds of local businesses down with it? In many cases entire communities are shutting down. Is this Congresses fault, too?
Great, does this surprise you?
What's your point?
Are you upset by job losses? What about the coal industry, as well as the spillover effect taking hundreds of local businesses down with it? In many cases entire communities are shutting down. Is this Congresses fault, too?
I have no idea what the coal industry has to do with this situation. Probably nothing.
Are you upset by job losses? What about the coal industry, as well as the spillover effect taking hundreds of local businesses down with it? In many cases entire communities are shutting down. Is this Congresses fault, too?
I have no idea what the coal industry has to do with this situation. Probably nothing.
Losing jobs, it's right in the thread title. I figured you'd dodge the question.
Are you upset by job losses? What about the coal industry, as well as the spillover effect taking hundreds of local businesses down with it? In many cases entire communities are shutting down. Is this Congresses fault, too?
I have no idea what the coal industry has to do with this situation. Probably nothing.
Losing jobs, it's right in the thread title. I figured you'd dodge the question.
Good jobs fleeing the US is in the title. Figure you would try to change the subject.
Are you upset by job losses? What about the coal industry, as well as the spillover effect taking hundreds of local businesses down with it? In many cases entire communities are shutting down. Is this Congresses fault, too?
Great, does this surprise you?
What's your point?
Are coal miners having their jobs sent overseas?.
[Edited on 9/16/2015 by pops42]
No, totally eliminated and it's a lot more than 500. Try thousands. A job lost is a job lost, but jobs lost to Obama policies don't make you angry. Why not?
Are you upset by job losses? What about the coal industry, as well as the spillover effect taking hundreds of local businesses down with it? In many cases entire communities are shutting down. Is this Congresses fault, too?
Great, does this surprise you?
What's your point?
Are coal miners having their jobs sent overseas?.
[Edited on 9/16/2015 by pops42]
No, totally eliminated and it's a lot more than 500. Try thousands. A job lost is a job lost, but jobs lost to Obama policies don't make you angry. Why not?
Still trying to change the subject? Fine, then maybe this is something to consider...
So what was going on from 1985 to 2005? Did Obama's policies go into effect before he even ran for office? Can it be as simple as blaming whoever was in the Oval (or congress for that matter) during that time, or perhaps could other factors be at play? Hmmmm.
[Edited on 9/16/2015 by gondicar]
