On April 10, General Electric announced that it would sell the majority of GE Capital including the Commercial Distribution Finance business (CDF). CEO Steve Battreall sheds some light on the rationale behind the move and what it will mean for the CDF business in a message on the GE Capital CDF website.
“GE is making this change in strategic direction in order to focus on continued investment and growth in its industrial and manufacturing businesses. Keith Sherin, GE Capital’s CEO, has said GE is making this move in part because it believes potential buyers see value in our businesses and the industries we serve,” Battreall said. “We anticipate a sale to buyers who are fully committed to the floorplan financing industry and who see the tremendous value of our people, programs and technology. The businesses selected for disposition, including ours, are world-class and the market for them is strong.”
Battreall also commented on what has changed and what has stayed the same with the CDF business since the announcement.
“CDF is still dedicated to the same customer-focused approach to help manufacturers and dealers grow their businesses. For over 60 years, CDF has grown through a series of important mergers, acquisitions and start-ups,” Battreall said. “Throughout multiple ownership changes and business cycles, we have maintained valuable customer relationships and emerged as a larger and stronger business partner. Our employees and domain expertise are the best in the industry and we remain committed to providing excellent service.”
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