CIT Completes Newcourt Acquisition; Transaction Creates Largest Publicly Held Commercial Finance Company.LIVINGSTON, N.J.--(BUSINESS WIRE)--Nov. 15, 1999-- The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group, Inc. (NYSE NYSE See: New York Stock Exchange :CIT) today announced that is has closed the transaction to acquire all of the outstanding common shares of Newcourt Credit Group Inc. (NYSE,TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,MSE MSE Mouse (computer) MSE Materials Science & Engineering MSE Mean Squared Error MSE Mean Square Error MSE Master of Science in Engineering MSE Manufacturing Systems Engineering MSE Mechanically Stabilized Earth :NCT NCT National Childbirth Trust NCT National Car Test NCT North Carolina Theatre NCT National Coordination Team NCT Northern California TRACON NCT Noise Cancellation Technology NCT Network Control and Timing NCT Nicotine Replacement Therapy ). On August 5, 1999, the two companies announced that they had entered into an agreement whereby CIT would acquire Newcourt to create the industry's largest publicly owned Publicly owned can refer to:
The acquisition of Newcourt was concluded at the exchange rate of .70 shares of CIT common stock per Newcourt common share. In total, 76,428,304 shares of CIT common stock and 27,577,082 exchangeable shares of CIT Exchangeco Inc. (exchangeable on a one-for-one basis for shares of CIT common stock) were issued in the acquisition. The combined Company has over $50 billion in managed assets, revenues in excess of $2.2 billion and approximately 8,000 employees working in 26 countries. "This acquisition represents a significant milestone in CIT's 91-year history," said Albert R. Gamper, Jr., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have created a dynamic, far-reaching enterprise that is large, strong and exceptionally well-positioned to provide high quality asset-based financing Asset-based financing Methods of financing in which lenders and equity investors look principally to the cash flow from a particular asset or set of assets for a return on, and the return of, their financing. products and services to clients throughout the world." "To better serve our clients, we have reorganized the Company into six strategic business units in three primary business segments - Equipment Finance, Commercial Finance, and Consumer Finance," said Gamper. "Each unit is headed by a veteran executive team prepared to lead CIT into the next century." In the equipment finance marketplace, CIT will have four specialized business groups. Equipment Financing, led by Robert J. Merritt, Group CEO, offers middle-market equipment financing and leasing products in a variety of industries including construction, printing, plastics, machine tools, business aircraft and medical equipment. Newcourt Financial's Small Business Lending unit, one of the nation's top SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government lenders in 1999, will also be part of Equipment Financing. Capital Finance, led by Nikita Zdanow, Group CEO, provides a wide range of leasing and financing products to the commercial aircraft and rail industries. This unit's specialized industry groups provide customized leasing and financing packages for new and used equipment, with a special focus on operating leases Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. , for medium-sized and large corporations, both domestic and international. Vendor Technology Finance, formerly Newcourt Financial, will continue to be headed by Bradley D. Nullmeyer, Group CEO. This unit, which is one of the world's leading vendor and technology finance organizations, has built strategic financing alliances with industry-leading equipment vendors. Structured Finance, formerly Newcourt Capital, continues to be headed by David D. McKerroll, Group CEO. This unit offers structured corporate finance products and services to major international clients. It finances the acquisition of capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) and provides infrastructure financing for the corporate and public sector. Special markets include media and telecommunications, as well as project finance. In the commercial finance segment, Lawrence A. Marsiello, Group CEO, heads CIT's Commercial Finance Group. Its Commercial Services business unit, the largest factoring organization in the industry, recently announced its acquisition of Heller Financial Corporation's domestic factoring business. Its Business Credit unit specializes in debtor-in-possession, acquisition and turnaround financing, and refinancings. In the consumer finance segment, Thomas B. Hallman, Group CEO, heads CIT's Consumer Finance Group. This Group offers a range of first and second mortgage loans and home equity lines of credit through mortgage brokers and bankers. This unit also works through dealers and other intermediaries to provide retail financing for the purchase of recreation vehicles, manufactured homes and recreational boat products. Executive management of CIT includes: Albert R. Gamper, Jr., President and Chief Executive Officer; Joseph A. Pollicino, Vice Chairman and Chief Risk Officer; Joseph M. Leone, Executive Vice President and Chief Financial Officer; William M. O'Grady, Executive Vice President and Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive ; and, Ernest D. Stein, Executive Vice President and General Counsel. Founded in 1908, The CIT Group, Inc. is now one of the largest commercial and consumer financing companies in the world. For more information, please visit the Company's Web Site at www.citgroup.com. |
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