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GE FINANCE AGREES TO ACQUIRE CITICAPITAL'S TRANSPORTATION FINANCIAL SERVICES GROUP FOR $4.4 BILLION
25 March 2006 - AZDEL
| GE Commercial Finance, the business-to-business financial services unit of the General Electric Company, today announced that it has agreed to acquire CitiCapital's Transportation Financial Services Group. |
A subsidiary of Citigroup, CTFSG provides financing, leasing and asset based lending to the commercial trucking industry. Under terms of the agreement, Citigroup will receive cash proceeds of approximately $4.4 billion.
"The acquisition makes a lot of sense for us. The transportation finance sector is one that we know well and have the capabilities to grow," said Mike Neal, President and CEO of GE Commercial Finance. "This acquisition enhances our financing capabilities in this segment and broadens our relationships with truck manufacturers and dealers. The business will remain based in Dallas, Texas and we look forward to integrating with CTFSG's highly-experienced team."
CTFSG finances approximately 196,000 heavy and medium duty commercial trucks and trailers through a variety of customer channels, including truck and trailer dealers, commercial fleets and truck owners/operators. CTFSG has approximately 600 employees and serves more than 49,000 customers throughout North America.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over US$230 billion and is headquartered in Stamford, Connecticut, USA. General Electric (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit www.ge.com 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.
http://www.ge.com
About: AZDEL
AZDEL, Inc. is a joint venture of GE Advanced Materials and PPG Industries. The AZDEL business was established in 1972 by PPG, and the 50/50 joint venture was set up with GE in 1986. AZDEL is a global leader in the manufacture and supply of high-performance composite materials serving a wide variety of markets and industries including automotive, transportation interiors, large truck, materials handling, heating, ventilation and air conditioning (HVAC), and building and construction. * AZDEL and VolcaLite are trademarks of AZDEL, Inc., a 50/50 joint venture of General Electric Company and PPG Industries. |
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