General Electric – 2005 acquisitions
For the past few years we’ve been summarizing the numerous acquisitions (and de-acquisitions) of conglomerate General Electric. While there are other companies that are expanding even faster through acquisition, none of them is as large as General Electric (#5 on the Fortune 500 list).
In 2003 and 2004, GE made a substantial number of moves in a wide variety of areas, from energy to medical equipment, and from entertainment (Universal Studios) to finance. As we have pointed out, some of its biggest moves have been in the security and finance areas.
The company also got of some businesses, most notably its insurance arm (here and here).
2005 was a slower year, without any gigantic deals. But the deals came in regularly. Most notable was GE’s continuing to snap up European wind farm operations and its expansion in the consumer and commercial credit fields.
January
GE Commercial Finance acquires CitiCapital's Transportation Financial Services Group (financing trucks).
February
GE Infrastructure acquires of Ionics, Inc., a leader in wastewater treatment and water purification.
March
GE Infrastructure buys Edwards Systems Technology (EST), the fire detection systems business of US-based SPX Corporation.
May
GE Consumer Finance acquires a 49.9% share in BAC International, a Panama-based bank and credit card issuer.
GE Commercial Finance sells Storage USA to Extra Space Storage Inc. and Prudential Real Estate Investors.
June
GE Commercial Finance acquires Canada-based Bombardier Capital's Inventory Finance Division.
July
GE Commercial Finance acquires a $1 Billion Corporate Aircraft Portfolio from US company CIT Group to add to GE’s corporate aircraft division.
August
GE Consumer Finance acquires E*TRADE's Recreational Vehicle and Marine Financing Unit.
September
GE Healthcare acquires British firm IDX, a leading Healthcare IT provider.
GE Energy Financial Services acquires a German wind farm from EAB Technology Group.
October
GE Consumer Finance acquires the majority share in Keppel Bank in the Philippines.
November
GE Consumer finance buys the credit card operations of Belk, a US-based department store chain with 278 stores.
GE sells offs its reinsurance business to Swiss Re.
December
GE Energy Financial Services acquires a German wind farm from Germania Windpark GmbH.
