STAMFORD, Conn.--(BUSINESS WIRE)--March 5, 2003--GE Consumer Finance, the consumer lending unit of General Electric Company (NYSE: GE), today announced it plans to acquire Conseco Finance Corp.'s sales finance unit with a bid valued at $310 million.
The acquisition includes private label credit card receivables and certain consumer installment and home improvement loan assets. The transaction, which is subject to regulatory and bankruptcy court approval, is anticipated to close in the second quarter of 2003.
The acquisition would add $2.4 billion of receivables to GE Consumer Finance's retail sales finance business in the Americas. The remaining Conseco Finance assets will be acquired by other parties.
This acquisition represents a significant step in the growth of our Americas consumer finance business, said Mark W. Begor, president and chief executive officer of GE Consumer Finance-Americas. It complements our existing sales finance business, and it gives us a new platform to grow in other markets.
The acquired assets would be managed by GE Consumer Finance's retail sales finance unit, based in Kettering, Ohio.
GE Retail Sales Finance provides private label financing programs for national and regional retailers in six key industries: automotive/recreational vehicles, consumer electronics and appliances, furniture, floor covering, jewelry and health care.
GE Retail Sales Finance supports a diversified portfolio of more than 60 regional and national clients with merchants in over 60,000 locations, including: Ford, Sony, PC Richard & Son, Tweeter, Ultimate Electronics, Suzuki, Ethan Allen, Brandsmart USA, H.H. Gregg Electronics, CareCredit, Whitehall Jewelers, Shaw Industries and Mohawk Industries.
GE Consumer Finance helps retailers drive increased sales by providing flexible credit terms to consumers, giving them increased purchasing power at the point of purchase. Begor said consumers will benefit from a broader range of lending products and GE Consumer Finance's strong commitment to customer service.
About GE and GE Consumer Finance
GE Consumer Finance, a unit of General Electric Company, with $77 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 36 countries around the world.
GE Consumer Finance, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance.
GE (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide.
More information about GE can be found online at www.ge.com.
CONTACT: General Electric
Peter Tosches, 203/316-7284 (office); 203/247-7487 (cell)