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11/18/2002



Rail News: Rail Industry Trends

GE Fleet Services to acquire Wells Fargo Fleet Services


GE Fleet Services recently signed an agreement to purchase Wells Fargo Fleet Services.


"Wells Fargo Fleet Services has an excellent base of customers and represents a growing small fleet market segment that we have been serving for a number of years," said Kathy Marinello, GE Fleet Services president and chief executive officer, in a prepared statement.


Wells Fargo Fleet Services controls $65.5 million in assets, including more than 5,500 commercial vehicles under lease and service-management contracts.


GE Fleet Services owns and manages fleets, including rail cars, in the United States, Canada, Mexico, Japan, Europe, Australia and New Zealand.


Terms weren't disclosed for the deal, which GE Fleet Services expects to close in late November.


Contact Progressive Railroading editorial staff.

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