NEW YORK — Consolidation turned its gaze on the factoring industry again Monday when CIT Commercial Services acquired about $446 million of GE Commercial Services’ domestic factoring assets.

Terms of the deal were not disclosed and CIT senior vice president and Northeast regional manager Jonathan Lucas said the firm would not divulge the purchase price or volume involved.

In a statement, president John Daly said, “This addition to our existing portfolio reinforces CIT’s commitment to the factoring business and broadens our scope in the many industries that sell into retail channels of distribution, including apparel, furniture and consumer electronics.”

CIT, a division of Livingston, N.J.-based CIT Group Inc., has estimated annual volume of about $20 billion, making it by far the biggest factor in the apparel industry. The firm serves clients with anywhere from $2 million in annual sales to publicly held corporations with $500 million in sales. The majority, however, have less than $10 million in annual sales.

While GE has estimated annual factoring volume of $2.5 billion to $3 billion, the financial specialty accounts for a tiny portion of its more than $130 billion business. GE’s non-U.S. factoring business isn’t affected by the divestiture.

In another development, CIT Group plans to offer a total of $741 million in asset-backed securities later this week, according to published reports. The securities will be supported by equipment leases and the lead underwriters will be J.P. Morgan Securities and Wachovia Securities.

CIT officials declined to comment on the reported offering.

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