Afternoon Coffee: GE Sells Financial Operations, Judge Says Sysco Cannot Buy Rival US Foods

Cup Filled With Coffee Beans

General Electric Co. is selling its US, Mexico, Australia and New Zealand vehicle fleet management business to Canada’s Element Financial Corp. The $6.9 billion deal is part of GE’s plan to shed its financial operations.

The proposed merger of food distribution companies Sysco Corp. and US Foods Inc. is now off the table. A federal judge struck down Sysco’s proposal to buy its rival due to competition concerns.

Operations at West Coast ports are seemingly returning to normal, but the agricultural industry is still upset about the delays that occurred earlier this year and in late 2014. Members of the industry recently voiced their ongoing concerns regarding union worker contracts and port management.

Manufacturing activity in Texas continues to contract, according to today’s report from the Federal Reserve Bank of Dallas. The report shows manufacturing activity was -6.5 in June, representing the fourth straight month for declining manufacturing output.

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