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GE CAPITAL RAILCAR SERVICES LEASES ITEL RAIL FLEET

 GE CAPITAL RAILCAR SERVICES LEASES ITEL RAIL FLEET
 STAMFORD, Conn., June 1 /PRNewswire/ -- GE Capital Railcar Services,


a wholly-owned subsidiary of GE Capital, today announced the completion of a previously announced plan to lease the railcar fleet of San Francisco based Itel Rail from a newly formed partnership to which the fleet has been contributed. In a separate transaction, GE Capital Railcar Services entered into a use agreement with six of Itel Rail's repair shops and has a purchase option on two of the shops.
 This transaction brings the GE Capital Railcar Service owned and managed fleet to approximately 140,000 railcars. The combined fleet will be the most diverse and youngest fleet in the industry.
 Robert W. Speetzen, president of GE Capital Railcar Services, stated, "This lease has added a very desirable portfolio to our fleet and further enhances our capability to provide premium service levels to the customers of both Itel and GE Capital Railcar Services. In that regard, all of Itel Rail's customer agreements will be honored by GE Capital Railcar Services.
 "This transaction broadens GE Capital's position in value-added asset management businesses which have been major contributors to our profitable growth."
 The transaction is a twelve year lease with a fixed price purchase option, which will effectively result in a combination of the railcar operations of the two companies, with GE Capital Railcar as lessee providing the management of the cars and service to existing lessees.
 GE Capital Railcar Services, a wholly-owned subsidiary of GE Capital, is one of the major railcar leasing companies in North America, and owns and operates 10 repair facilities and six wheel remanufacturing shops.
 GE Capital, headquartered in Stamford, a wholly-owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company with assets exceeding $80 billion in more than 20 business. 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- 6/1/92
 /CONTACT: Thomas F. Lamb, Jr. of GE Financial Services, 203-357-4346, or 203-452-9889 (home)/
 (GE) CO: GE Capital Railcar Service; Itel Rail ST: Connecticut, California IN: TRN SU:


SH-LR -- NY057 -- 5775 06/01/92 14:12 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
Words:377
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