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GE CAPITAL FLEET SERVICES COMPLETES PURCHASE OF AVIS EUROPE'S VEHICLE LEASING AND FLEET MANAGEMENT BUSINESS

 GE CAPITAL FLEET SERVICES COMPLETES PURCHASE OF AVIS EUROPE'S
 VEHICLE LEASING AND FLEET MANAGEMENT BUSINESS
 STAMFORD, Conn., Aug. 10 /PRNewswire/ -- GE Capital Fleet Services announced today that it has completed the purchase of Avis Europe's vehicle leasing and fleet management business consisting of 120,000 vehicles in 14 countries in Europe.
 GE Capital Fleet Services purchased Avis Lease, based in Brussels, Belgium, with assets of approximately $950 million U.S. (500 million pounds sterling), from Avis Europe. Additionally, GE Capital acquired the right to use the Avis Lease name.
 "This acquisition is a successful continuation of our strategy to expand GE Capital's focused approach in European markets, and our commitment to bringing specialized value-added services to our customers," said Gary C. Wendt, chief executive officer of GE Capital.
 With this acquisition, GE Capital Fleet Services will be able to serve corporate fleet needs in the United Kingdom, France, Belgium, Spain, Italy, Germany, Luxembourg, Portugal, Switzerland, and, through licensing agreements, Norway, Denmark, the Netherlands, Ireland and Greece. GE Capital Fleet Services is now the largest corporate fleet management company in the world, with more than 620,000 cars, trucks and specialty vehicles under lease and fleet services management.
 Teresa LeGrand, president and chief executive officer of Minneapolis-based GE Capital Fleet Services, said, "GE Capital Fleet Services now is well positioned with a global fleet management network that can deliver enhanced products and services to Avis Lease customers, and meet the needs of North American-based companies with Pan-European interests."
 Avis Europe's chairman and chief executive officer, Alun Cathcart, said, "Customers will be well served by the synergies of the two companies." He added that Avis Europe will continue to concentrate its business activities on the Avis Rent A Car operations that serve the short-term rental market.
 GE Capital, headquartered in Stamford, and a wholly owned subsidiary of General Electric Company, is a diversified financial services company with assets exceeding $80 billion. GE Capital's financing activities include equipment management, equipment financing, corporate financing, consumer/retail financial services, commercial real estate financing and specialty insurance. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 8/10/92
 /CONTACT: Anthony B. Zehnder of GE Capital, 203-357-4728; Robert Cochrane of GE Capital Fleet, 612-828-2916; or Alun Cathcart, 034-441-7236, or Ken Hanna, 034-441-7233, both of Avis Europe/ CO: GE Capital Fleet Services; General Electric Company ST: Connecticut; Minnesota IN: SU: TNM


AL -- MN001 -- 8358 08/10/92 08:28 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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