GE Capital, Corporate Finance, an operating unit of General Electric Company (GE - Analyst Report), recently provided $22.5 million equipment financing to privately-held marine equipment supplier Laborde Marine. The debt financing will be utilized by Laborde Marine for its working capital requirements to fuel further growth.
Based in New Orleans, LA, Laborde Marine primarily offers marine support to the offshore oil and gas industry. Founded in 1995, the company operates over 20 vessels ranging from 260' DP-2 platform support vessels, 210' DP-1 equivalent platform support vessels and DP-2, DP-1 and conventional crew boats in the U. S. Gulf of Mexico.
Laborde Marine will utilize the funds to refinance its existing debt that was used to purchase five new crew boats. Moving forward, Laborde Marine expects to benefit from General Electric’s industry insight to consolidate its business and further expand its fleet and customer base.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products, the company serves over 100 million customers worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. GE Capital, Corporate Finance provides asset-based, cash flow and structured loans to support the working capital requirements of mid-size and large firms. The company focuses on key sectors such as aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include Tyco International Ltd. (TYC - Analyst Report) and Hutchison Whampoa Ltd (HUWHY), both having a Zacks Rank #2 (Buy), and Marubeni Corporation (MARUY) that retains a Zacks Rank #1 (Strong Buy).