FAIRFIELD, Conn.--(BUSINESS WIRE)--Dec. 31, 2004--General Electric and two leading private-investment firms, General Atlantic Partners and Oak Hill Capital Partners, today completed their previously announced transaction under which the two firms acquired a majority interest in Gecis (previously GE Capital International Services), GE's global business-processing operation.
GE received cash proceeds of approximately $500 million and retains a 40% stake in Gecis. We are pleased to complete this transaction and set Gecis on its course as an independent company with great opportunities for global growth, said GE Senior Vice President and Chief Financial Officer Keith S. Sherin.
GE also confirmed that it remains comfortable with previously issued guidance for earnings per share of $1.57-$1.60 for 2004 and $.48-$.51 for the fourth quarter, with earnings growth in the fourth quarter of 13-20%.
Gecis is one of the largest shared-service providers in the world, employing more than 17,000 professional staff. As a recapitalized,independent company, Gecis plans to offer its services to companies in the Americas, Europe, and Asia, where it already has operations. Gecis will continue to serve GE under a multiyear contract.
GE (NYSE: GE) is a diversified technology, media and financial 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 peopl worldwide. For more information, visit the company's Web site at www.ge.com.
Caution Concerning Forward-Looking Statements
This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as expects, anticipates, intends, plans, believes, seeks, or will.
Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from the behavior of financial markets, including fluctuations in interest rates and commodity prices, from future integration of acquired businesses, from future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation and healthcare industries, from unanticipated loss development in our insurance businesses, and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
--30--SW/ny*
CONTACT:
General Electric, Fairfield
David Frail, 203/373-3387
[email protected]