Anyone know exactly how much of GE's business is credited to GE Capital?
Fez
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Monday August 9, 11:09 am Eastern Time
Company Press Release
SOURCE: TIP Intermodal Services
TIP Intermodal Services Acquires Over 11,000 Intermodal Trailers From Redon, Inc.
DEVON, Pa., Aug. 9 /PRNewswire/ -- TIP Intermodal Services, a GE Capital Company, announces the acquisition of 11,473 intermodal trailers from Redon, Inc. of Jacksonville, Florida. The purchase includes both owned and managed units, 46% of which are less than 1 year old, bringing TIP's intermodal trailer fleet to 26,000 units. The transaction was completed on August 6, 1999. Terms of the agreement were not disclosed.
According to Barry DeSantis, President, TIP Intermodal Services, ``Redon is considered the trailer expert in the intermodal industry with a fleet growth rate of almost 50% in the past 18 month period. The acquisition of Redon's trailers will substantially increase our asset base and add significant value-added services to our customers. Redon, who has enjoyed excellent customer relations with the major railroads, is known for its expertise in car accounting and equipment specification. Its leading interchange agreements, IT systems, maintenance record and utilization has enabled Redon to provide the highest level of service in the intermodal industry.'
Ralph Chambers who had been President of Redon will now head TIP's intermodal trailer business segment and will be instrumental in applying Redon's operation expertise to TIP's existing trailer fleet. ``The consolidation will make it easier for customers to do business with TIP as well as increase our productivity through consistent, standard, simplified reporting and service processes,' says DeSantis.
TIP Intermodal Services is a division of TIP (Transport International Pool), a global leader in over-the-road and intermodal transportation services. TIP Intermodal Services is divided into three business segments: Intermodal Trailers; Domestic Containers and Chassis; and Marine Chassis. TIP is a unit of GE Capital.
GE Capital, with assets of more than US$300 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company (NYSE: GE - news), GE Capital, based in Stamford, CT, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified services, technology and manufacturing company with operations worldwide. |
