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News

GE advances repositioning of industrial portfolio; Rexel to purchase GE supply

AZDEL : 05 September, 2007  (Technical Article)
In the first announcement, GE Consumer & Industrial and Rexel, the world's largest electrical supplies distributor, announced a $725 million agreement for Rexel to acquire GE Supply, GE's electrical distribution business.
In the second announcement, GE and Penske Corporation announced that Penske has purchased an additional 9% limited partnership interest in Penske Truck Leasing from GE Capital Corporation, expanding Penske's ownership to 30%. At the same time, Penske and GE have agreed to extend the PTL partnership through 2018.

'Six months ago, we brought together a collection of diverse industrial business into an integrated, streamlined GE growth engine,' said John G. Rice, GE vice chairman and president of GE Industrial. 'Today's announcements show the result of that action, maximizing efficiency, expanding returns, and delivering additional value for GE and its partners.'

GE Supply is a leading distributor of electrical products produced by GE and more than 200 other manufacturers. The business is headquartered in Shelton, Conn., in the U.S., and employs approximately 2,500 people in more than 150 locations around the world.

The sale is a continuation of GE's strategy to focus on innovative, technology-oriented, and higher-return enterprises that are critical to the GE brand. Divesting of GE Supply will enable GE to accelerate its growth by reinvesting the proceeds from the sale into its core operations and fund restructuring.

'The GE Supply team has done a great job of growing the business and this is a great fit,' Rice said. 'The sale also ensures that GE Supply will remain a strategic distribution channel for GE products. This is a big win for us and for the customers that count on GE Supply for their GE product needs.'

'We are excited about this opportunity to increase our investment in one of our core businesses. The partnership with GE has been very successful and we look forward to the continuance of the relationship in the years to come' said Roger Penske, Chairman of PTL, and a member of GE's Board of Directors.
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