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GE officials blame the move to Canada on the Export-Import Bank. It is essentially a government credit agency used to finance U.S. exports. GE officials say they rely on that financing to help sell their products abroad.
GE announced in late 2015 that it will close its Waukesha gas engine plant and move its 350 jobs to a new facility in Welland, Ontario, Canada. The facility will close in 2018, after having been in continuous existence since 1906, when it was founded as Waukesha Motor Company. GE purchased the facility from Dresser-Rand in 2010 and subsequently invested several million dollars in updating and renovating the facility. GE squarely blamed the move on Congress’ failure to renew funding for the Export-Import Bank, which facilitates financing for overseas customers doing business with American companies, citing that Canada has a fully functional export credit agency.