Corporate Profile for The CIT Group, dated Sept. 8.--(BUSINESS WIRE)--The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and information services See Information Systems. . These include Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance News/Retrieval, Bloomberg Financial Markets, Reuter Company Newsyear, Reuter Business Briefing, DataTimes, Nexis, Dialog, NewsNet, America OnLine See AOL. , CompuServe, Delphi, Individual's HeadsUp and First!, Desktop Data's NewsEdge, UMI UMI University Microfilms International UMI United States Minor Outlying Islands (ISO Country code) UMI University of Miami UMI Universal Management Infrastructure (IBM) Data Courier, NewsBank, Information Access Company and many others. -0- Published date: September 8th Company name: The CIT Group
Address: 650 CIT Drive
Livingston, N.J.
Telephone No.: (201) 740-5000 Chief Executive Officer: Albert R. Gamper, Jr. Chief Financial Officer: Joseph M. Leone Investor Relations Contact: Michael J. McGowan Public Relations Contact: Michael J. McGowan Business number: (201) 535-3506 Home number: (201) 447-1316 Industry: Commercial and consumer finance Company description: Founded in 1908, 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 is a $16 billion 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. organization, serving both businesses and consumers throughout the United States. CIT is 60 percent owned by the Dai-Ichi Kangyo Bank The Dai-Ichi Kangyo Bank, Limited (株式会社第一勧業銀行 Ltd., one of the world's largest banks, and 40 percent by Chemical Banking Corporation, one of the largest bank holding companies in the U.S. Comprised of eight operating units, CIT provides financing to middle-market and larger businesses in diverse markets. The Company holds a leadership position in providing funding options to companies in the construction, printing, machine tools, plastics, aerospace, marine, recreational vehicle and manufactured housing industries, among others. Among its businesses, CIT operates the largest factoring organization in the U.S., The CIT Group/Commercial Services. Other operating units include a venture capital/equity investment operation, The CIT Group/Equity Investments, and The CIT Group/Consumer Finance, a company that provides home equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to homeowners throughout the country. At December 31, 1994, CIT reported record fiscal year end earnings of $201.1 million, a 10.3% increase over 1993 results. For the first six months of 1995 ended June 30, 1995, CIT reported record net income of $109.3 million, an increase of 10.4 percent over 1994. CONTACT: The CIT Group |
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