GE Aviation said it will create a turboprop engine development, test and production operation in Europe.
This will represent an investment exceeding USD400 million and ultimately support 500 — 1,000 jobs.
The turboprop industry is highly global and comprised of many small aircraft operators. Among the factors driving GE Aviation to pursue the new operation in Europe is the need to support these and other international customers with financing through government-sponsored Export Credit Agencies (ECAs).
GE is currently bidding on USD11 billion of projects that require export financing. The US remains the only major economy in the world without an Export Bank. Since the US Export Import Bank (Ex-Im) authorization expired July 1, GE has commenced talks with several foreign ECAs to secure financing for its customers.
GE Aviation will continue to expand its operations into countries where critical Export Credit Agency financing is available for its global customers. As with the US Ex-Im Bank, many ECA countries have requirements that production and jobs must be invested in-country to qualify for financing.
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GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet, turboprop and turboshaft engines, components and integrated systems for commercial, military, business and general aviation aircraft.