Newspaper article St Louis Post-Dispatch (MO)

Ge to Purchase Finance Group from ITT Corp

Newspaper article St Louis Post-Dispatch (MO)

Ge to Purchase Finance Group from ITT Corp

Article excerpt

General Electric Capital Corp. has agreed to buy most of the rest of ITT Corp.'s finance group in St. Louis for $1.8 billion.

GE Capital, the finance arm of General Electric Co., said Tuesday it had signed a preliminary agreement to buy ITT's equipment lending, small-business financing and real-estate services businesses.

Those three ITT Financial units, which are based at Maryville Centre in Town & Country, make up the company's commercial installment-lending group. They employ about 250 people in the St. Louis area and have annual revenue of about $200 million.

ITT in late December announced it was selling another finance business in St. Louis, ITT Commercial Finance, to Deutsche Bank AG, Germany's biggest bank. ITT Commercial Finance, with headquarters in Clayton, employs about 300 people in the St. Louis area.

At the time of the Deutsche Bank announcement, ITT had said it was in negotiations to sell the three other financial units, but declined to name the bidder. The Post-Dispatch had reported then that sources said GE Capital was the buyer.

Although Deutsche Bank previously said it would protect - and possibly add to - the employees at ITT Commercial Finance, it is not clear what GE's plans are for employees at the three businesses it is buying. …

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