ASSOCIATES TO MAKE CANADA MAIN HUB
By Adnews Staff
Associates First Capital Corp. of Dallas, Texas has bought Avco Financial Services of Costa Mesa, California for $3.9 billion. The Associates is currently reviewing Avco operations and will make changes to it by the third quarter of the year. Those changes include consolidating headquarters in the U.S., the U.K. and in Canada. The Canadian headquarters in Toronto will close, and be consolidated into the operations in London, Ont. "Avco's headquarters in the U.K. and Canada provide our combined organizations greater capacity and resources for the strong international growth we expect to realize from this merger," Associates chairman and CEO Keith Hughes says in a release. Other changes will be announced within 45 days. Avco is a financial services company whose product offerings include real estate, retail sales finance and consumer loans, equipment, inventory and vendor finance, as well as credit and collateral-related insurance. The Associates is a financial services company providing commercial finance, leasing and insurance.