Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Cloudy 52° Cloudy
News >  Business

Boeing’s finance arm sells portfolio to GE for $2 billion

Associated Press

CHICAGO — Boeing Capital Corp., the aerospace giant’s financing arm, announced an agreement Monday to sell its commercial finance portfolio to a General Electric Co. subsidiary for about $2 billion in cash.

The acquisition by GE Commercial Finance, based in Stamford, Conn., includes secured loans as well as financing and operating leases on such equipment as corporate jets, machine tools, printing presses and marine vessels.

Boeing said the portfolio of loans and leases had been successful, but the Chicago-based company had signaled its intention earlier this year to pull out of non-aerospace markets.

The two sides said the transaction is expected to be completed in the second quarter.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.