IRVING, Texas--(BUSINESS WIRE)-- GE Capital and JCB, a leading global construction equipment manufacturer, announced today an agreement to provide financing to JCB's U.S. dealerships; this new arrangement allows them to better manage wholesale floor planning by obtaining more flexible payment terms and increased liquidity.
The third-largest heavy equipment manufacturer in the world and a family-owned company, JCB makes more than 300 different types of construction equipment, including backhoe loaders, skid steer loaders, compact track loaders, rough terrain fork lifts and telescopic handlers. Its North American headquarters in Savannah, GA, is a 500,000 square foot facility built in 2000 to showcase its lean production processes and manufacturing technology.
The two companies have had a relationship in Canada since August 2009, with GE Capital providing inventory financing for JCB's nationwide dealer network.
"GE Capital is a trustworthy and resourceful financing partner," said Ken Bianco, Vice President of Commercial Operations at JCB. "GE's cash flow management options, combined with their powerful suite of online management tools, will support our dealers' continued growth objectives."
GE Capital's 25-year history in the construction equipment industry gives it the collateral expertise and the technology infrastructure to successfully handle high-volume dealers. Thousands of dealers currently rely on the company's well-known COMS system to manage inventory finance transactions online.
"We're seeing signs that the construction industry, both residential and commercial, is starting to strengthen again," said Kristi Webb, Commercial Leader of GE Capital's Dealer Finance division. "We are ready to be a reliable source of financing for JCB's dealers as they prepare for improving market conditions."
"In addition to our inventory financing capabilities for equipment manufacturers and dealers, we are also making significant additional investments in best-in-class online tools that will assist dealers with their financing needs," continued Webb. "Our tools allow them to obtain speedy decisions on credit applications, easy document preparation and same-day funding decisions."
About JCB
From its home base in Staffordshire in the United Kingdom, JCB operates 18 plants on four continents: 11 in the U.K., three in India and others in the U.S., China, Germany and Brazil. The company employs more than 7,000 people worldwide. For more information, visit www.jcb.com or follow company news via twitter (@JCBna).
Celebrating its 65th anniversary this year, JCB is privately owned by the Bamford family; Chairman Sir Anthony Bamford is the son of the company's late founder, Joseph Cyril Bamford.
JCB has won more than 50 major awards for engineering excellence, exports, design, marketing and management, as well as for its environmental stewardship. Among them are 25 Queen's Awards for Technology and Export Achievement.
About GE Capital, Equipment Finance
Through its Equipment Finance business, GE Capital provides commercial leases and loans, typically ranging from $5,000 to $25 million, to small and mid-sized manufacturers, dealers and end-business users to help drive cost efficiencies and top-line growth. Customizable financing solutions range from IT, construction, office imaging and medical equipment to telecom, transportation, healthcare and more. For more information, visit dealer.leasingsource.com.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
GE Capital, Norwalk, CT Ned Reynolds, 203-229-5717 [email protected] or JCB North America, Savannah, GA Karen Guinn, 912-447-2033 [email protected]
Source: GE Capital
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