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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

GE Capital Makes Deal to Aid Ingram Micro

March 10, 2000|Bloomberg News and Dow Jones

Computer parts wholesaler Ingram Micro Inc. said Thursday that GE Capital, a unit of General Electric Co., agreed to provide $700 million in financing under a five-year arrangement that will help the Santa Ana company fund long-term projects.

Ingram Micro has been battling falling computer prices and competition from smaller distributors. It had lower profits or warned about earnings for three of the past four quarters. The company named a new chief executive Monday.

Ingram's shares have fallen 35% over the last year. The stock on Thursday moved up 63 cents to $12.44 a share on the New York Stock Exchange.

Meanwhile, online retailer Buy.com Inc. renewed its contract with Ingram to fill sales orders the Aliso Viejo Internet company receives. Ingram Micro has been providing warehousing and fulfillment services for Buy.com.

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