PHH unit completes deal

November 26, 1991|By Ellen James Martin

PHH Homequity Inc. said yesterday that it has completed the purchase of Genesis Relocation Services from GE Capital Mortgage Corp. of Raleigh, N.C.

Terms of the purchase were not disclosed.

The addition of Genesis should bring PHH Homequity 200 new corporate clients, in addition to the 500 it has, said Margery Marshall, vice president of PHH Homequity, a subsidiary of Hunt Valley-based PHH Corp. But the move is not expected to have any employment implications locally, she said.

Relocation companies such as PHH Homequity are paid to assist in moving employees from one job site to another. Among other things, they help in the sale of employees' homes at their old locations and in the purchase of new properties in the areas where they move.

The Genesis acquisition follows closely PHH Homequity's purchase of the Better Homes and Gardens Family Relocation Service from Meredith Corp. of Des Moines, Iowa.

Also yesterday, the parent company, PHH Corp., reported relatively flat net income and earnings for the quarter that ended Oct. 31.

Three months ended 10/31/91

.. .. .. .. Revenue.. .. Net.. .. .. Share

'91.. .. ..449,208,000 10,569,000 0.62

'90.. .. ..501,791,000 10,516,000 0.62

% change .. -10.5. .. .. +0.5. .. .. --

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