GE Fleet Services Acquires
GE Fleet Services announced on Oct. 1, 2003 it signed an agreement on September 30, 2003, to purchase certain assets of CitiCapital Fleet Services headquartered in Carrollton, Texas. Details of the transaction were not disclosed. "CitiCapital Fleet Services is highly regarded in the fleet industry. This, coupled with GE Fleet Services' commitment to the fleet industry, means exciting opportunities for both our customers and our employees," said Kathy Marinello, president and chief executive officer of GE Fleet Services. "Our focus will be on providing customers with best-in-class service and products by leveraging the strengths of both organizations." CitiCapital Fleet Services is owned by Citigroup's CitiCapital unit and represents approximately $1.2 billion in assets with more than 189,000 vehicles under lease and service management in the United States. GE Fleet Services, based in Eden Prairie, Minn., has 885 employees throughout the United States and is a global fleet management company with operations in the United States, Canada, Mexico, Europe, Japan, Australia and New Zealand. GE Fleet Services is a unit of GE Equipment Management.