FOR IMMEDIATE RELEASE October 15, 2007
Marianna Ohe (202) 565-3200
Workers at GE-Transportation factories in Pennsylvania are assembling these GE Evolution Series (EVO) 44AC diesel electric locomotives as part of a $92 million sale to Mexico's Grupo Ferroviario Mexicano (GFM), owner of Ferrocarril Mexicano, S.A. de C.V. (Ferromex), one of the country's largest private railways. The Export-Import Bank of the United States is guaranteeing the loan to GFM being made by, Calyon, S.A., of Courbevoie Hauts de Seine, France
Mexico's Grupo Ferroviario Mexicano (GFM) will lease the locomotives to its wholly-owned subsidiary, Ferrocarril Mexicano, S.A. de C.V. (Ferromex), one of the largest privately-owned railways in Mexico.
The sale is part of GFM's order of 100 of the EVO locomotives which, according to GE, offer 40 percent reduced emissions, improved fuel economy and lower operating costs. The locomotives were the first to meet the U.S. Environmental Protection Agency (EPA) Tier II emissions standards.
We are very pleased that this transaction furthers two important Ex-Im Bank missions -- to sustain U.S. jobs at companies like GE and its sub-suppliers throughout the country, and to support environmentally beneficial exports, said Ex-Im Bank Chairman and President James H. Lambright.
David Tucker, vice president of sales for GE-Transportation, said, This transaction, assisted by Ex-Im Bank's guarantee, contributes to the sustainability of hundreds of manufacturing jobs at GE-Transportation facilities in Erie and Grove City, Pennsylvania.
GE-Transportation is an anchor in this community, and represents our largest labor workforce, said Erie Mayor Joseph E. Sinnott. A big part of their work is filling orders from buyers in Mexico, Kazakhstan and other global markets, and Ex-Im Bank helps make that possible. The GE locomotives for the Mexico contract are assembled in Erie, and the engines are manufactured in Grove City.
Calyon, S.A., of Courbevoie Hauts de Seine, France, is the Ex-Im Bank-guaranteed lender on the transaction. Ferromex will provide a 100 percent guarantee of GFM's debt. Ferromex began operations in 1998 following the privatization of Mexico's railway system.
Ex-Im Bank, the official export-credit agency of the United States, is in its 73rd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. Ex-Im Bank's exposure in Mexico at the end of fiscal year 2006 totaled more than $8 billion. For more information, visit www.exim.gov.Editor's Note: A photo of GE workers assembling the EVO locomotive in Erie, Pa., is available by contacting Ex-Im Bank.