General Electric Co. said Wednesday that Welland, Ontario, would be the new home of its Waukesha, Wis., facility, following Congress’s failure last summer to reauthorize the Export-Import Bank—the export-financing entity in the U.S.

GE had flagged the move in September, saying it would cease manufacturing gas engines at the Waukesha plant and move 350 jobs to a new factory in a then-undetermined location in Canada to use that country’s export-financing regime to pursue new business. GE had said that financing from an export...