GE Fleet Services Acquires Wells Fargo Fleet Services
GE Fleet Services announced on Nov. 15, 2002, that it signed an agreement to purchase Wells Fargo Fleet Services based in Minneapolis. Details of the transaction were not disclosed. Completion of the deal is expected in late November subject to final approvals.
Wells Fargo Fleet Services is a subsidiary of Wells Fargo & Co. and represents approximately $65.5 million in assets. It has more than 5,500 commercial vehicles under lease and service man-agement.
One reason cited by Wells Fargo for the sale of its Fleet Services business unit was the recognition that to remain competitive in the market would require significant investments in Web-based fleet management technology.
Another reason given for the sale was the current economic conditions, which led Wells Fargo to conclude it would not be economically feasible for it to continue to offer this service.