The CIT Group Inc.announced plans to divest certain non-core assets, including the sale of a real estate investment and intention to sell certain aerospace and manufactured housing assets. CIT will offer approximately $190 million older-vintage, out-of-production aircraft, as well as accelerate the liquidation of approximately $100 million in manufactured housing receivables. The aircraft divestiture will result in a pre-tax loss of approximately $90 million in 3Q05, while the MH liquidation will result in a pre-tax loss of approximately $20 million in 3Q05.
"These actions result from our strategic planning initiatives and reflect another milestone in our campaign to optimize our portfolio of businesses," said CIT Group Chairman and CEO Jeffrey Peek.
