GE [NYSE: GE] Chairman and CEO Jeff Immelt made the following statement
today:
“Today, we successfully executed the IPO of our North American Retail
Finance business, Synchrony Financial. This is an exciting time for the
Synchrony Financial team, and we are proud to be SYF shareholders.
“The Synchrony offering is an important first step in our planned,
staged exit from the business. We continue to target completing our exit
in late 2015 through a capital-efficient split-off transaction. This is
a good transaction for GE shareholders.
“The IPO also furthers our goal to position GE Capital as a smaller,
safer specialty finance leader, and achieve 75% of our earnings from our
Industrial businesses by 2016. With a strong, competitively advantaged
set of Industrial businesses and a valuable, commercially focused
financial services business, we believe our portfolio will deliver
valuable growth for shareholders for years to come.”
About GE
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
GE’s Investor Relations website at www.ge.com/investor
and our corporate blog at www.gereports.com,
as well as GE’s Facebook page and Twitter accounts, including
@GE_Reports, contain a significant amount of information about GE,
including financial and other information for investors. GE encourages
investors to visit these websites from time to time, as information is
updated and new information is posted.
Caution Concerning Forward-Looking Statements:
This document contains “forward-looking statements” – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance and financial condition, and often contain
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“seek,” “see,” “will,” or “would.” Forward-looking statements by their
nature address matters that are, to different degrees, uncertain. For
us, particular uncertainties that could cause our actual results to be
materially different than those expressed in our forward-looking
statements include: current economic and financial conditions, including
volatility in interest and exchange rates, commodity and equity prices
and the value of financial assets; potential market disruptions or other
impacts arising in the United States or Europe from developments in
sovereign debt situations; the impact of conditions in the financial and
credit markets on the availability and cost of General Electric Capital
Corporation’s (GECC) funding and on our ability to reduce GECC’s asset
levels as planned; the impact of conditions in the housing market and
unemployment rates on the level of commercial and consumer credit
defaults; pending and future mortgage securitization claims and
litigation in connection with WMC, which may affect our estimates of
liability, including possible loss estimates; our ability to maintain
our current credit rating and the impact on our funding costs and
competitive position if we do not do so; the adequacy of our cash flows
and earnings and other conditions which may affect our ability to pay
our quarterly dividend at the planned level or to repurchase shares at
planned levels; GECC’s ability to pay dividends to GE at the planned
level, which may be affected by GECC's cash flows and earnings,
financial services regulation and oversight, and other factors; our
ability to convert pre-order commitments/wins into orders; the price we
realize on orders since commitments/wins are stated at list prices; the
level of demand and financial performance of the major industries we
serve, including, without limitation, air and rail transportation, power
generation, oil and gas production, real estate and healthcare; the
impact of regulation and regulatory, investigative and legal proceedings
and legal compliance risks, including the impact of financial services
regulation; our capital allocation plans, as such plans may change
including with respect to the timing and size of share repurchases,
acquisitions, joint ventures, dispositions and other strategic actions;
our success in completing announced transactions and integrating
acquired businesses; adverse market conditions, timing of and ability to
obtain required bank regulatory approvals, or other factors relating to
us or Synchrony Financial could prevent us from completing the Synchrony
IPO and split-off as planned; our ability to complete the proposed
transactions and alliances with Alstom and realize anticipated earnings
and savings; the impact of potential information technology or data
security breaches; and numerous other matters of national, regional and
global scale, including those of a political, economic, business and
competitive nature. These uncertainties may cause our actual future
results to be materially different than those expressed in our
forward-looking statements. We do not undertake to update our
forward-looking statements.
This document includes certain forward-looking projected financial
information that is based on current estimates and forecasts. Actual
results could differ materially.
Copyright Business Wire 2014