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GE Sells 14.4% Stake in Penske Truck Leasing to Penske Automotive Group - GE announced that it has signed and closed the sale of a 14.4% limited partner interest in Penske Truck Leasing Co., L.P., a full-service truck leasing, rental, and logistics business, to Penske Automotive Group, Inc. - PenskeAutomotive.com / GE.com
GE Sells 14.4% Stake in Penske Truck Leasing to Penske Automotive Group

 

PRZOOM - /newswire/ - Fairfield, CT, United States, 2016/07/28 - GE announced that it has signed and closed the sale of a 14.4% limited partner interest in Penske Truck Leasing Co., L.P., a full-service truck leasing, rental, and logistics business, to Penske Automotive Group, Inc. - PenskeAutomotive.com / GE.com. NYSE: GE

   
 
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• Transaction Aligns with GE’s Strategy to Create Simpler, More Valuable Industrial Company;
• GE Capital’s Announced Sales Now Total Approximately US$189 Billion (ENI).

The sale represents ending net investment (ENI) of approximately $0.4 billion and leaves GE with a 15.5% limited partner interest in the business. In addition to the interests owned by Penske Automotive Group (penskeautomotive.com) and GE, Penske Truck Leasing is owned by Penske Corporation and Mitsui.

“As we continue to execute on our strategy to sell our businesses that aren’t linked to GE’s industrial businesses, we’re pleased to announce this agreement for the sale of a significant portion of our remaining stake in Penske Truck Leasing to our long-time partner, Penske Automotive Group,” said Keith Sherin, GE Capital chairman and CEO. “Penske Truck Leasing is a leading provider of truck leasing and rental services in North America and is a well-established global provider in the logistics business.”

As previously announced, GE is focusing on its high-value industrial businesses and is selling most of GE Capital’s assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses.

Including this transaction, and since the announcement in April, 2015, GE Capital has signed agreements for approximately US$189 billion and has closed approximately US$168 billion of those deals. GE Capital plans to sell approximately $200 billion of GE Capital businesses worldwide and expects to have largely completed the process by the end of 2016. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.

About GE
GE (ge.com) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store”, through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.

Caution Concerning Forward-Looking Statements
This document contains "forward-looking statements" that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Investors Contact: Matt Cribbins
P: +1 203-373-2424 - E: matthewg.cribbins[.]ge.com.

 
 
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GE Sells 14.4% Stake in Penske Truck Leasing to Penske Automotive Group

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Penske Automotive Group | GE Capital
Contact: Ned Reynolds - GE.com 
203-837-0699 ned.reynolds[.]ge.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

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