STAMFORD, Conn.--(BUSINESS WIRE)--March 31, 2004--GE Commercial Finance, the business-to-business financial services unit of General Electric (NYSE: GE), announced today that it has completed the acquisition of certain assets and liabilities from IKON Office Solutions (NYSE: IKN), including a $1.9B leasing portfolio in the U.S. In addition, GE and IKON have entered into a Program Agreement whereby GE will fund and service future lease originations of IKON in the U.S. GE will also purchase IKON's Canadian lease portfolio and provide funding and servicing of future Canadian lease originations. Closing of the Canadian acquisition and program agreement will be subject to customary closing conditions including any necessary Canadian regulatory approvals. Approximately 400 of IKON's leasing employees have received offers of employment from GE. The business, now known as IKON Financial Services(SM), will continue to operate from the existing facility in Macon, GA.
About GE Commercial Finance
GE Commercial Finance (www.gecommercialfinance.com) offers businesses of all sizes an array of financial services and products worldwide. With approximately $217 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA. General Electric (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide.
About IKON Financial Services
IFS serves more than 100,000 customers, manages over 400,000 assets and originates more than $1.5 billion in new financing on an annualized basis. IFS has approximately 400 employees and is located in Macon, GA.
GE (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
Caution Concerning Forward-Looking Statements
This release includes certain forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission. GE does not assume any duty to update forward-looking statements. Such statements are based on information available as of the date hereof, and are made only as of the date hereof.
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CONTACT:
GE Commercial Finance
Vendor Financial Services
Anne Witkavitch, 203-749-3573
www.vendorfinancialservices.com
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340