GE CEO Jeff Immelt Makes Statement Regarding Synchrony Financial IPO
01 August 2014 - 1:22AM
Business Wire
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.
GEInvestors:Matt Cribbins,
203-373-2424matthewg.cribbins@ge.comorMedia:Seth Martin,
203-572-3567seth.martin@ge.com
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