Transport International Pool Acquires Paragon Leasing Assets.Business EditorsDEVON, Pa.--(BUSINESS WIRE)--May 4, 2001 Transport International Pool (TIP), a GE Capital company, has acquired substantially all of the assets of Paragon Leasing, a U.S. trailer-leasing business based in Chattanooga, Tenn. Terms of the acquisition were not disclosed. Under the agreement, Paragon's 5,700 trailers will be integrated into TIP's fleet of more than 300,000 units. Also, the Paragon branch in Knoxville, Tenn., will be added to TIP's branch network, giving TIP a new foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in the region. Paragon's eight other locations will be consolidated into the TIP organization. "We're pleased to have completed this transaction and are looking forward to building a strong relationship with our new Paragon customers. They will be able to take advantage of all the benefits of TIP's one-stop shopping and financing resources, as well as gain online access to their account information and TIP products and services via www.tiptrailers.com," said Chris Hines, president, TIP North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "This acquisition fits nicely with TIP's current branch network. It gives us the opportunity to better serve our new and current customers in the Southeast region with the addition of the branch in Knoxville." Transport International Pool (TIP), a GE Capital company, is a global leader in leasing, renting, buying, selling and financing over-the-road trailers. TIP is the first OTR OTR Over The Road (truckers) OTR Other OTR Old Time Radio OTR On The Road OTR Off the Record OTR Outer OTR Over The Rainbow OTR Office of Tax and Revenue OTR Over-The-Rhine trailer supplier to offer real-time, Internet-based services to its customers. GE Capital, with assets of more than US$370 billion, is a global, diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company grouped into six key operating segments comprised of 24 businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , provides a variety of consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, , such as credit cards and life and auto insurance; mid-market financing; specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 47 countries around the world. GE is a diversified services, technology and manufacturing company with operations worldwide. |
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