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KODAK TO OUTSOURCE CREDIT SUBSIDIARY TO GE CAPITAL

 ROCHESTER, N.Y. and STAMFORD, Conn., Nov. 23 ~PRNewswire~ -- Eastman Kodak Company (NYSE: EK) and GE Capital today announced that they have agreed to outsource the operations of Eastman Kodak Credit Corporation (EKCC) to GE Capital. As part of the agreement, GE Capital Vendor Financial Services will purchase EKCC's stock and provide ongoing financing to Kodak's customers.
 Kodak established EKCC in 1986 to provide long-term financing to its customers, making it easier to acquire Kodak equipment. Today, EKCC provides equipment financing to more than 12,000 Kodak customers in the United States and has assets of approximately $1 billion.
 According to Kay R. Whitmore, Kodak chairman, president and chief executive officer, the agreement with GE Capital "will expand our credit service and provide more options and benefits to our customers. This added flexibility has been a key factor in our decision."
 Gary C. Wendt, president and chief executive officer of GE Capital, added, "This alliance is a successful continuation of our strategy to expand relationships with leading manufacturers like Kodak, by supplying a comprehensive captive financing capability. By offering this service, GE Capital is helping manufacturers focus on their core business and be more competitive."
 GE Capital will continue to operate the business under the name "EKCC" and operations will continue to be located in Rochester. All current EKCC employees will be offered the opportunity to remain in their present positions. EKCC employs about 300 people.
 Financial terms of the outsourcing were not disclosed. Subject to regulatory approval, the transaction will be completed on Dec. 31, 1992.
 GE Capital, headquartered in Stamford and a wholly owned subsidiary of General Electric Company (NYSE: GE), 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- 11~23~92
 ~CONTACT: Anthony B. Zehnder of GE Capital, 203-357-4728, or at home, 203-657-3824, or Gregg L. Haddad of GE Capital Vendor Financial Services, 203-731-6268, or at home, 203-743-3549, or Ronald C. Roberts of Eastman Kodak Company, 716-724-4513, or at home, 716-367-2577~
 (GE EK)


CO: GE Capital; Eastman Kodak Company ST: Connecticut, New York IN: FIN SU:

CK -- NY006 -- 0364 11~23~92 10:07 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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