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On Monday, Bombardier Inc. announced it reached an agreement to sell Bombardier Capital's Inventory Finance Division to GE Commercial Finance for $825 million.

The division provides inventory financing for U.S. and Canadian dealers and manufacturers of marine products, recreational products and vehicles, and manufactured housing. Subject to regulatory authority approval and other customary conditions, the transaction is part of Bombardier’s plan — initiated in 2001 — to sell Bombardier Capital's portfolio, which also includes an arm that leases and manages rail cars in the United States, Canada and Mexico.

Bombardier plans to transfer 280 Bombardier Capital employees in Colchester, Vt., and Brossard, Quebec, to the Stamford, Conn., offices of GE Commercial Finance, which offers various financial products and services.