GE Commercial to buy Bombardier unit for $1.4 billion in cash - - Tulsa, OK - News, Weather, Video and Sports - |

GE Commercial to buy Bombardier unit for $1.4 billion in cash

STAMFORD, Conn. (AP) _ GE Commercial Finance, the business-to-business financial services unit of General Electric Co., said Monday it will purchase Bombardier Capital's inventory finance division for $1.4 billion in cash.

BCIFD is headquartered in Colchester, Vt., and has about 280 employees.

GE will also asume $1 billion in debt and other liabilities in the deal.

The target company, which is part of the financing division of Montreal-based Bombardier Inc., provides floor plan financing for a range of equipment in the U.S. and Canada.

The Bombardier Capital division is comprised of four main business units that provide financing for a variety of products, including snowmobiles, all terrain vehicles, boats, motors, and boat trailers, as well as recreational vehicles.

The closing is expected to occur as early as the second quarter of 2005.

Separately, Bombardier said it will receive cash proceeds of $825 million from the sale, which marks the continuation of Bombardier Capital's portfolio wind-down, initiated in 2001.

Bombardier Capital said it will continue its activities of interim financing, as well as the wind-down of the remaining portfolios, including railcar leasing.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.