Merger costs CIT $10.6m. (factoring company CIT Group Holdings Inc.)

Daily News Record, January, 1990

MERGER COSTS CIT $10.6M

NEW YORK (FNS) - The CIT Group Holdings, Inc., took a $10.6 million writeoff ($6 million after-tax) for the cost of combining Meinhard-Commercial Corp. and Manufacturers Hanover Commercial into a single factoring firm, The CIT Factoring Group.

In its earnings report for 1989, CIT said net earnings were $126.2 million after the writeoff for combining the factoring operations. A year earlier, CIT earned $120.3 million. The factoring consolidation was completed in the last half of 1989.

CIT is 60 percent owned by the Dai-Ichi Kangyo Bank Ltd. in Tokyo and 40 percent owned by Manufacturers Hanover Corp.