GE Selling Some Fleet Businesses To Element For $6.9B
General Electric Co. is selling its U.S., Mexico, Australia and New Zealand fleet businesses to Element Financial Corp. for $6.9 billion.
FAIRFIELD, Conn. (AP) — General Electric Co. is selling its U.S., Mexico, Australia and New Zealand fleet businesses to Element Financial Corp. for $6.9 billion.
GE Capital Fleet Services provides commercial car and truck financing and fleet-management services. GE recently announced it would sell most of GE Capital over the next two years for about $26.5 billion.
GE Capital Chairman and CEO Keith Sherin said in a written statement that the company is on track to sell off businesses worth about $100 billion by the end of the year and expects to be finished with the sales by the end of 2016.
Element Financial is a fleet management and equipment finance company. GE Capital sold its Canadian fleet business to Element in 2013.
The U.S. and Mexico deal is expected to close in the third quarter, while the Australia and New Zealand transaction is targeted to close in the fourth quarter.
The Fairfield, Connecticut-based company also said Monday that it has a memorandum of understanding for the possible sale of its European fleet businesses to BNP Paribas subsidiary Arval. If approved, the deal is expected to close in the fourth quarter.
BNP Paribas, through Arval, specializes in vehicle leasing.
The transactions don't include GE Capital's fleet business in Japan.
Latest in Operations
Foam Cheesehead is Hot
More in Operations
From Blessings to Beers
Built during a boom in the PIttsburgh industrial sector, a restored church now houses a successful brewery.
Lubrication Accessory Kit
The lubrication accessories are compatible with all standard grease guns, grease pumps and dispensing devices.
Tokyo Olympians to See Carboard Beds
The single bed frames will be recycled into paper products after the games.
Stephen Wade
Mack Trucks to Lay Off 300
Mack blamed the layoffs on a downturn in the heavy-duty truck market.
Kennametal Gives Restructuring Update
The metalworking products supplier has completed closures of its plants in Lichtenau, Germany and Irwin, PA, and has decided to downsize its Essen, Germany plant instead of closing it.
Molson Coors Closing L.A. Brewery
Producing Miller Lite, Coors Light, Miller High Life, MGD, Steel Reserve and Miller 64 brands, the company's plant just outside of Los Angeles will close by September.
Automatic Center Punch
The punch force, ranging from 13.5lbs. - 31.5lbs., can easily be adjusted with the simple turn of a knob, located on the handle.
Borden Files for Bankruptcy
Borden Dairy is the second major US dairy to file for bankruptcy in as many months, following Dean Foods.
Dee-Ann Durbin
2020 Brings Higher Labor Costs for Small Biz
As of Jan. 1, there are higher minimum wages in a quarter of the states, and new federal overtime rules, along with several regional factors.
BenShot Workers Won't Get Guns
Because everyone got one last year.
Shuttered Louisiana Steel Mill Purchased
It plans to upgrade and modernize the mill in LaPlace and hopes to resume recycling in the second half of 2020 and steel making by 2021
Jelly Belly to Acquire Gimbal's Jelly Beans
Such items acquired will include Gimbal's jelly beans, Scottie Dogs licorice and other chewy candy.