DaimlerChrysler Sells Financial Unit
DaimlerChrysler is selling part of its commercial financing portfolio in the United States to a unit of General Electric for $1.2 billion, the company announced Jan. 24, 2002. The deal will give GE Capital the commercial real estate and asset-based lending portfolio of Norwalk, CT-based DaimlerChrysler Capital Services, DaimlerChrysler said. The transaction is scheduled to be completed in the first quarter of 2002. The automaker said it still plans to expand its automotive services portfolio, especially by offering more products through DaimlerChrysler Bank, and by developing its fleet management business.