FAIRFIELD, Conn. (AP) — General Electric Co. is selling its minority stake in Hyundai Capital Services to Hyundai Motor and Kia Motors as the company continues to shed assets of GE Capital.
The conglomerate is returning its industrial roots and peeling off finance operations, which some have viewed as more risky and outside the company's core.
GE is selling 23.3 percent interest in Hyundai Capital Services, a joint venture between Hyundai Motor Co. and GE Capital that provides consumer financial products, including auto financing, auto leasing services, personal loans and home mortgages. GE has 43.3 percent ownership in the company and said that it plans to divest its entire interest over the following months.
GE, which is based in Fairfield, Connecticut, is considering a move from its longtime home.