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PHH ANNOUNCES GLOBAL CONSOLIDATION OF RELOCATION OPERATIONS

 PHH ANNOUNCES GLOBAL CONSOLIDATION OF RELOCATION OPERATIONS
 HUNT VALLEY, Md., May 4 /PRNewswire/ -- PHH Corporation (NYSE: PHH) today announced a global consolidation of its relocation and real estate management operations under Steven A. Fragapane, senior vice president of PHH Corporation and president of its relocation subsidiary, according to Robert D. Kunisch, corporate chairman and CEO.
 "This is a major step in PHH's continuing development as a transnational corporation capable of offering comprehensive business services to our clients on a global basis," Kunisch said.
 "The consolidation has two objectives," he continued. "One, because many of our large transnational clients, such as Digital and Exxon in the United States, Monsanto in Canada, and IBM in Europe need a relocation service provider with capabilities that cross geographic boundaries, we are increasing our capacity to deliver our services in other countries the way we do throughout the United States. And two, we also are expanding our ability to provide products that reduce international transferees' tensions, and make their actual moves seamless from departure to destination.
 "To achieve those objectives," he added, "we must leverage our special skills and talents in systems, hardware, people, products and ideas, and forge new strategic alliances while effectively managing a variety of supplier networks in both North America and Europe.
 He cited Fragapane's broad base of experience and leadership ability that uniquely qualify him to direct PHH's global relocation activities.
 In his expanded role, Fragapane assumes responsibility for PHH Homequity Canada and the Relocation and Property Services operations of PHH Europe. This is in addition to his supervision of domestic units, including PHH Homequity, PHH Fantus, PHH Network Services, PHH Asset Management and PHH Destination Services.
 Fragapane, 41, joined PHH Homequity as assistant controller in 1976 and assumed the presidency of the company in April 1986, after holding senior management positions in planning, marketing and operations. He will relocate from Wilton, Conn., to the corporate home office in Hunt Valley, Md.
 Founded in 1946 as a fleet management services company, PHH today is a $2 billion transnational corporation. It provides relocation and real estate management, vehicle management and mortgage banking services to more than 2,000 companies and organizations in North America, the United Kingdom and Western Europe.
 In 1955, its PHH Homequity operating unit pioneered an industry providing homefinding services to corporate transferees in selecting right areas and homes at their new destinations. Today, as the industry leader, PHH's relocation units annually manage combined real estate volume in the United States, Canada and Europe exceeding 39,000 residential properties. Each year the company handles approximately 40,000 transfers and manages the purchase and sale of more than $5 billion in residential real estate.
 -0- 5/4/92
 /CONTACT: Keith Bisogno, 203-834-8588, or Peter Brinch, 410-771-2519, both for PHH, or Bob Kelly of Kerr Kelly Inc., 203-622-1723, for PHH/
 (PHH) CO: PHH Corporation ST: Maryland IN: FIN SU: RCN


PS -- NY045 -- 5948 05/04/92 10:53 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:489
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