GE Fleet buys Wells Fargo Fleet (January 01, 2003)

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EDEN PRAIRIE, Minn. – Completion of an acquisition deal between GE Fleet Services and Wells Fargo Fleet Services is expected by the end of this month.

GE Fleet Services has signed an agreement to purchase Minneapolis, Minn.-based Wells Fargo Fleet Services for an undisclosed amount. Wells Fargo Fleet Services is a subsidiary of Wells Fargo &Company, with more than US$65 million in assets and more than 5,500 commercial vehicles under lease and service management.

The purchase is part of GE Fleet Services growth strategy, says the company’s senior vice-president for business development, Rich Chenitz.

GE Fleet Services is a global fleet management company with operations in the U.S., Canada, Mexico, Japan, Europe, Australia and New Zealand.

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