GE Fleet Services Acquires CitiCapital Fleet Services EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Oct. 1, 2003--GE Fleet Services announced today it signed an agreement on September 30, 2003, to purchase certain assets of CitiCapital Fleet Services headquartered in Carrollton, Texas. Details of the transaction were not disclosed. CitiCapital Fleet Services is highly regarded in the fleet industry for its exceptional customer service.
This fact coupled with GE Fleet Services' unending commitment to the fleet industry means exciting opportunities for both our customers and our employees, said Kathy Marinello, president and chief executive officer of GE Fleet Services. Our focus will be on providing customers with best-in-class service and products by leveraging the strengths of both organizations.
CitiCapital Fleet Services is owned by Citigroup's CitiCapital unit and represents approximately $1.2 billion in assets with more than 189,000 vehicles under lease and service management in the United States. Other CitiCapital Fleet Services office locations include a customer-services operations center in San Mateo, Calif. GE Fleet Services has been serving fleet customers since 1987 and has 885 employees throughout the United States. GE Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Mexico, Europe, Japan, Australia and New Zealand.
GE Fleet Services is a unit of GE Equipment Management, which helps customers finance and manage a wide variety of business equipment, enabling them to drive growth and productivity worldwide. General Electric Company (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide.
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CONTACT: GE Fleet Services
Gina Seppi, 952/828-2236
or
Citigroup
Mark Rodgers, 212/559-1719