GE Aerospace (GE)

[Timothy Smith]

General Electric (GE -0.1%) says it will move ~500 jobs from the U.S. to Europe and China, citing the expiration of authorization for the U.S. Export Import Bank, and signs an agreement for a line of credit for power projects from France’s export credit agency for customers of gas turbines used in aviation.

GE says it is bidding on $11B of projects that require export financing, so it has started talks with several foreign export credit agencies to secure financing for its customers; GE says 80% of the gas turbines have been sold to countries where export credit agency sponsorship is required.

GE says it had “done everything in our power to avoid making these moves at all, but Congress left us no choice when it failed to reauthorize the Ex-Im Bank this summer.”