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Rail News: Rail Industry Trends

GE Capital carved into four units; TIP Intermodal Services opens Chicago-area terminal


GE Capital Aug. 1 was divided into four separate financial-service businesses: GE Commercial Finance, GE Insurance, GE Consumer Finance and GE Equipment Management.

Arthur Harper was named president and chief executive officer of GE Equipment Management, which comprises GE Rail and Fleet services, TIP Intermodal Services/Mod Space, European Equipment Management and Penske Truck Leasing, according to a prepared statement.

Meanwhile, GE Equipment Management subsidiary TIP Intermodal Services recently opened an intermodal terminal in Bridgeview, Ill., with project partner Consolidated Freightways (CF).

The nine-acre facility is located on CF's site; according to a December 2001 agreement, TIP funded the terminal's development in exchange for an exclusive property lease to store trailers and access the yard.

TIP officials believe the facility will help increase trailer availability and reduce truck congestion in the Chicago area, and enable TIP to decrease drayage and storage costs, according to a prepared statement.

Contact Progressive Railroading editorial staff.

More News from 8/9/2002