Ex-Im Bank Approves $83 Million in Export Financing for Sale of U.S. Locomotives and Mining Equipment to Canada
February 27, 2012
(Ex-Im Bank)
Transaction Supports 500 American Jobs Across
Six States
WASHINGTON, D.C. --- The Export-Import Bank of
the United States (Ex-Im Bank) approved an
$83.1 million loan guarantee to support the
sale of six American-made locomotive parts,
railroad cars, and mining equipment to the Iron
Ore Company of Canada (IOC). This transaction
supported 500 U.S. jobs across a range of
American businesses in six states (Arkansas,
Illinois, Missouri, Tennessee, Virginia and
Wisconsin).
“As global infrastructure investment increases,
high quality, American-made locomotive parts
and mining equipment are in demand around the
world,” said Fred P. Hochberg, chairman and
president of Ex-Im Bank. “Ex-Im is committed to
ensuring that the financing is in place to
allow American companies to win a growing share
of these sales. These transactions bolster our
manufacturing base, while creating, supporting
and sustaining good jobs in communities across
the United States.”
2011 was a record year in locomotive financing
for Ex-Im Bank, with more than $550 million
supporting the sale of American-made
locomotives to hard to reach markets, including
Kazakhstan and South Africa.
The U.S. companies involved in the IOC
transaction include Electro-Motive Diesel, Inc.
(EMD) (LaGrange, Ill.), American Rail Car
Industries Inc. (St. Charles, Mo.), Freightcar
America Inc. (Chicago, Ill.), P & H Mining
Equipment (Milwaukee, Wisc.), Komatsu America
Corp. (Peoria, Ill.), and Caterpillar, Inc.
(Peoria, Ill.). Comerica Bank (Detroit, Mich.)
is the guaranteed lender.
“These companies build products that are built
to last and in the process they are building an
American economy that is built to last – one
that is driven by manufacturing, exports and
the most talented and productive workers in the
world,” added Hochberg.
This is the second order backed by Ex-Im Bank
financing for IOC. The locomotive parts,
railroad cars, and mining equipment are being
used to expand IOC’s production in Labrador
City, Newfoundland.
ABOUT EX-IM BANK
Ex-Im Bank is an independent federal agency
that helps create and maintain U.S. jobs by
filling gaps in private export financing at no
cost to American taxpayers. In the past five
years, Ex-Im Bank has earned for U.S. taxpayers
nearly $1.9 billion above the cost of
operations. The Bank provides a variety of
financing mechanisms, including working capital
guarantees, export-credit insurance and
financing to help foreign buyers purchase U.S.
goods and services.
Ex-Im Bank approved $32.7 billion in total
authorizations in FY 2011 -- an all-time Ex-Im
record. This total includes more than $6
billion directly supporting small-business
export sales -- also an Ex-Im record. Ex-Im
Bank's total authorizations are supporting an
estimated $41 billion in U.S. export sales and
approximately 290,000 American jobs in
communities across the country. For more
information, visit www.exim.gov.
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