Washington, DC—Sept. 21, 2015—More U.S. companies are considering moving plants overseas given concerns about the shutdown of the U.S. Export-Import Bank (EXIM), the largest U.S. aerospace trade group said after General Electric Co. announced plans to build a $400 million turboprop engine plant in Europe.
David Melcher, president of the Aerospace Industries Association, said he expected similar announcements from Boeing Co. and other companies, which are already losing business due to lack of access to U.S. trade credits.
"Any company that has traditionally depended on EXIM financing as part of their strategy to sell internationally will start to hedge their bets with thoughts of moving their business overseas where they can get that support from a different government," Melcher told Reuters in an interview.
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