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GE to transfer 400 jobs to France
Energy giant General Electric is to transfer 400 jobs in electric turbine production from the US to France and another 100 to Hungary and China, the company announced Tuesday.
General Electric is to make the move because Congress has refused to reauthorise the US's Export-Import Bank under pressure from the right of the Republican Party, which claimed it was "corporate welfare".
That has cut off credit in the US, so GE is moving some of its electric turbine production abroad.
It says that the French export finance agency Coface has agreed to provide credit for some of its projects on condition that it transfer production to Belfort in eastern France.
That should mean an extra 400 jobs in the town.
Some 100 other jobs will be transferred to Hungary and China.
GE recently won European approval to buy Alstom's energy arm and says it is bidding for energy contract worth 9.7 billion euros.