BOSTON--(BUSINESS WIRE)--
GE (NYSE:GE) announced that today it has completed the sale of its remaining 20% stake in the Hyundai Capital Services (HCS) joint venture through a structured asset-backed security, representing aggregate ending net investment (ENI) of approximately $0.8 billion as at the end of the third quarter of 2016.
“As we continue to sell most of the assets of GE Capital, we are working with our joint venture partners such as Hyundai Capital to find solutions that work best for all parties,” said Rich Laxer, GE Capital Chairman and CEO. “Hyundai has been a strong partner for us over the last 12 years with the joint venture providing tremendous value for customers,” he added.
As previously announced, GE has embarked on a strategy to create a simpler, more valuable company by reducing the size of its financial businesses and by focusing on continued investment and growth in its world-class industrial businesses. GE will retain the financing businesses that relate directly to GE’s industrial businesses.
Since the April 2015 announcement, GE Capital has signed agreements for the sale of approximately $193 billion of businesses and has closed approximately $175 billion of those transactions. GE Capital plans to have largely completed the process of selling approximately $200 billion of businesses by the end of 2016 and believes it is on track to deliver approximately $35 billion of dividends to GE under this plan.
About Hyundai Capital Services
Hyundai Capital Services is Korea’s No. 1 provider of consumer financing products, including auto financing, auto leasing services, personal loans and home mortgages. Established in 1993, the company is a financial service unit of Hyundai Motor Group.
About GE
GE (NYSE:GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
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Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.
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