STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 14, 2004--GE Commercial Finance, the business-to-business financial services unit of General Electric (NYSE: GE), has completed its previously announced acquisition of most of Transamerica's commercial finance divisions. The transaction adds approximately $8.5 billion in managed assets to GE Commercial Finance's portfolio. The acquired units serve customers primarily in North America and Europe.
The acquisition expands GE Commercial Finance's distribution finance offerings to manufacturers and dealers of industrial, consumer and recreational products. It also enhances the company's leasing and commercial loan financing in equipment, real estate and international structured finance.
"These businesses are an important part of the growth plan for GE Commercial Finance," said Mike A. Neal, president, GE Commercial Finance. "They bring solid customer relationships, experienced employees and a reputation for excellence. The businesses fit naturally with our own and will support our double-digit returns in 2004 and beyond. They offer us products, services and talent in areas we understand and know how to build."
GE Commercial Finance 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 unit of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA. GE is a diversified services, technology and manufacturing company with operations worldwide.
Caution Concerning Forward Looking Statements: This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 information about those factors is contained in GE's filings with the Securities and Exchange Commission.
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CONTACT:
GE Commercial Finance Media Contacts:
Marissa Moretti, 203-961-2290
or
John Oliver, 203-357-4346
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340