Free press releases distribution network?

More news: Energy
Agency / Source: General Electric Company

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



GE Announces Plan to Build World Class Gas Engine Facility in Canada; Move Products from Wisconsin and Other Sites - GE Power & Water plans to stop manufacturing gas engines in Waukesha, Wisconsin and open a new facility to build engines in Canada - GE.com
GE Announces Plan to Build World Class Gas Engine Facility in Canada; Move Products from Wisconsin and Other Sites

 

PRZOOM - /newswire/ - Fairfield, CT, United States, 2015/09/28 - GE Power & Water plans to stop manufacturing gas engines in Waukesha, Wisconsin and open a new facility to build engines in Canada - GE.com. NYSE: GE

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

• GE will invest $265 million in Canada for a new state-of-the-art “Brilliant Factory” with manufacturing capacity for multiple business lines including Power and Water, Oil and Gas and Transportation.
• Plan to Create 350 Manufacturing Jobs in First Phase.
• Will Access Canadian Export Finance to Fill Gap From Lapse of U.S. Export Import Bank.

The new facility will also have back-up capacity to manufacture diesel engine components for GE Transportation. GE currently employs 350 at its manufacturing facility in Waukesha, building gas engines for compression, mechanical drive and power generation applications.

Today, GE notified employees in Waukesha and more than 400 U.S. suppliers of its plans. In Wisconsin alone, suppliers generate almost $47 million in revenue from the plant.

GE plans to build a new US$265 million state-of-the-art “Brilliant Factory” in Canada that will optimize efficiency and streamline production using data, analytics and software. The factory is expected to be completed in 20 months and will be a flexible production facility that can expand over time and also support manufacturing requirements for other GE businesses.

GE will build its new facility in Canada in order to access additional support from the country’s export credit agency, Export Development Canada (EDC). The agency has a strong record of export financing. GE has a solid, long-standing relationship with EDC under which the company has participated in a number of global transactions. With today’s announcement, GE fully expects to expand its relationship with EDC in support of the company’s Power & Water, Oil & Gas and Transportation businesses. In 2014, EDC facilitated exports and investments of approximately $100B CDN. The agency actively supports global expansion for manufacturers based in Canada, supporting over 7,000 customers in close to 200 countries last year.

GE is currently bidding on $11 billion of projects that require export financing. While more than 60 other countries have export credit agencies (ECAs) that support domestic manufacturing for export, the US does not. The authorization for the U.S. export credit agency the Export-Import Bank, or Ex-Im lapsed on July 1. For the last year, exporters and suppliers have called upon Congress to reauthorize the U.S. Export-Import Bank to support manufacturing jobs and level the playing field for U.S. companies that compete globally. Most countries are hungry for manufacturing and export jobs. The U.S. remains the only major economy in the world without an export bank.

“We believe in American manufacturing, but our customers in many cases require ECA financing for us to bid on projects. Without it, we cannot compete and our customers may be forced to select other providers. We know these announcements will have regrettable impact not only on our employees but on the hundreds of U.S. suppliers we work with that cannot move their facilities, but we cannot walk away from our customers,” said John Rice, Vice Chairman, GE. “EDC joins a growing list of export credit agencies interested in supporting GE’s global business operations and customer base.”

“We continue to urge Congress to reauthorize the ExIm Bank for all American companies,” Rice continued. “However, we must prepare for the worst case and arrange export finance outside the U.S. Unfortunately, this will come at the expense of American jobs. In a slow growth and volatile world, we must go where the markets are and compete in over 170 countries.”

Earlier this month, GE Power & Water announced plans to move production and 500 jobs to France, Hungary and China as its customers seek ECA financing support for projects using 50Hz heavy duty and aeroderivative gas turbines. GE Aviation announced plans to create a turboprop engine development, test and production operation in Europe. GE recently signed an agreement with UK Export Finance (UKEF) to access $12 billion in export credit financing for both confirmed and potential orders that could create as many as 1,000 UK jobs. Among the factors driving these decisions was the need to meet customer financing requirements and access foreign ECAs.

About GE
GE (ge.com) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.

Contacts:
Kim Warburton - GE Canada
P: +1 416-561-8316 - E: Kim.Warburton[.]ge.com.

Shaun Wiggins - GE Power & Water
P: +1 518-795-8096 - E: Shaun.wiggins[.]ge.com.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: General Electric Company

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


GE Announces Plan to Build World Class Gas Engine Facility in Canada; Move Products from Wisconsin and Other Sites

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
GE Power & Water |
Contact: Meghan Thurlow - GE.com 
202-701-9351 (mobile) meghan.thurlow[.]ge.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From General Electric Company / Company Profile


Read Energy Most Recent Related Press Releases:

ENGIE and Statoil Agree on the Renegotiation of Their Long-term Gas Supply Contracts
ENGIE and AES Andres Leverage Core Strengths to Provide Reliable and Competitive LNG Supply in the Caribbean
Power Costs, Inc. (PCI) and GE Power Collaborate to Link Energy Operations with Energy Trading for End-to-End Machine to Market Software Solutions
GE Oil & Gas Signs Agreement with TAG GmbH to Install New Tuning Maintenance (TUMAS) Software on Entire Fleet of Gas Turbines
ENGIE Announces Two New Major Collaborations to Foster New Innovative Green Gas Production Methods Across Europe
Enel Inaugurates Apiacás Hydropower Complex in Brazil
Steam and Gas Turbine Manufacturers Realign Strategies to Harness Growth Opportunities within Clean Power Generation
Enel Starts Construction of Peru’s Largest Solar PV Plant
GE and Maersk Drilling to Pilot Marine Digital Transformation
SolarWinds to Join the Discussion on Interoperable IT Management for Defense Forces at AFCEA’s TechNet Asia-Pacific 2016

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona

Visit  Triggr & Bloom







 
  ©2016 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today