GE Capital Services Enters European Rail Market With Acquisition of Cargowaggon
Terms of the acquisition were not disclosed.
Cargowaggon, which will retain its name, provides full rail transport services and rail wagons (railcars) to the automotive, steel and paper and pulp industries, in addition to transportation companies across Europe. Cargowaggon will become part of GE Capital's Railcar Services business, which is headquartered in Chicago, Illinois.
Robert Speetzen, president and chief executive officer of GE Capital Railcar Services, said, "Cargowaggon has a young fleet of high capacity wagons, and it offers us an excellent platform to enter the freight rail industry in Europe.
"Our industry leading service initiatives and experience in North America will complement Cargowaggon's already broad-based services. We intend to invest in rail assets to support the business as we go forward."
GE Capital Railcar Services, a GE Capital company, is a leading railcar leasing firm in North America. GE Capital Services, with assets of over US$227 billion, is a global, diversified financial services company with 27 specialized businesses. A wholly owned subsidiary of General Electric Company (USA)(NYSE: GE), GE Capital Services provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.
SOURCE GE Capital Services
/CONTACT: Mary Horne of GE Capital Services, 203-357-6978; or Andrew Marshall of Hill & Knowlton, London, 44-171-413-3025/
CO: GE Capital Services; GE Capital Railway Services; General Electric
Company; Cargowaggon ST: Connecticut IN: TRN FIN CPR SU: TNM
MA -- NYF024 -- 2922 08/29/97 09:01 EDT http://www.prnewswire.com