GE 2002 Annual Report Download - page 36
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GE 2002 ANNUAL REPORT 35
Opportunities for growth are global in nature for
all of Commercial Finance’s businesses. For example,
its Real Estate unit has developed a pan-European
presence as well as significant reach throughout Asia
and Mexico. The result: 40% of Commercial Finance’s
net earnings are generated outside the United States.
Although Commercial Finance is already large
(among the top commercial lenders worldwide), finan-
cial markets are enormous, and Commercial Finance
has plenty of room for continued growth.
www.gecommercialfinance.com
Consumer Finance
PRESIDENT AND CEO: David R. Nissen
2002 TOTAL ASSETS: $77.0 billion
With 100 million customers spread throughout 35
countries, Consumer Finance is diverse in terms of both
geography and services. This diversity, combined
with stringent risk management practices, has helped
Consumer Finance generate earnings growth five years
in a row while maintaining the high quality of its portfolio.
In 2003, Consumer Finance plans to continue its
growth by introducing new products and services, such
as personal loans in the United States. With these
products and services, Consumer Finance will offer
comprehensive financing solutions for consumers,
including credit cards, auto loans and mortgages.
Consumer Finance also expects to grow the number
of private-label credit card accounts that it manages in
partnership with many of the world’s leading retailers,
including Harrod’s, Lowe’s Home Improvement
Warehouse®
, Tesco Lotus and Wal★Mart. Consumer
Finance also plans to enter several new countries,
including China, and to expand in others, including the
U.S., where its retail sales finance unit is exploring
opportunities to offer complementary products and
services through the 60,000 locations where it serves
merchants and dealers. Consumer Finance is confident
about delivering another year of growth in 2003.
www.geconsumerfinance.com [as of April 2003]
Consumer Products
PRESIDENT AND CEO: James P. Campbell
2002 REVENUES: $8.5 billion
In 2002,GE created one of its newest businesses —
Consumer Products — by combining two of its oldest,
Lighting and Appliances. With nearly two centuries
of brand leadership and product innovation between
them, the combined $8.5 billion enterprise is accelerat-
ing its industry leadership by becoming more efficient
and competitive across all product lines.
Integration savings that are projected to total nearly
$50 million are being reinvested in technology devel-
opment. Funding for new products is increasing by
nearly 25% across both operations, with 100 product
launches planned for 2003. They include speed-cooking
ovens, washers that talk to dryers, and energy-efficient
lighting products.
The new Consumer Products— rich with a legacy
of product and service innovation, and resonant with
the combined strengths of its operations — faces the
future more focused than ever on extending its com-
petitive leadership and improving profitability.
www.geconsumerproducts.com
Equipment Management
PRESIDENT AND CEO: Arthur H. Harper
2002 TOTAL ASSETS: $26.1 billion
Equipment Management provides full-service equip-
ment financing and operating leases to customers
around the world. With more than $26 billion of assets
in 26 countries, Equipment Management helps cus-
tomers finance and manage their fleets of autos,
trucks, trailers, railcars and modular space units. In a
weak 2002 economy, Equipment Management partially
offset the impact of lower asset demand through cost
reductions, trimming under-utilized assets and contin-
uing process improvements, with contributions from
acquisitions as well. In 2003, Equipment Management
will continue to drive these strategies to build a high-
return portfolio. Key to this effort is world-class asset