Press release from Business Wire
GE Capital Extends Financing Relationship with Doosan Businesses, Including Bobcat, in U.S. and Canada
<p> Nearly 50,000 Bobcat units financed since 2008; relationship began in 1969 </p>
Thursday, August 08, 2013
GE Capital Extends Financing Relationship with Doosan Businesses, Including Bobcat, in U.S. and Canada08:00 EDT Thursday, August 08, 2013
IRVING, Texas (Business Wire) -- GE Capital, Equipment Finance has extended its 44-year vendor financing relationship with multiple Doosan businesses through December 2017. The agreement provides inventory and retail financing for Doosan and Bobcat-branded equipment in the U.S. and Canada.
GE Capital and its antecedent companies have been financing equipment for West Fargo, N.D.-based Bobcat Co. since 1969. The relationship expanded to include financing for Doosan-branded heavy equipment in 2012.
Doosan Infracore Construction Equipment is a leader in the engineering, manufacturing, marketing and distribution of compact and heavy construction equipment, attachments and articulated dump trucks. It acquired Bobcat, a leading provider of compact equipment for global construction, rental, landscaping, agriculture, grounds maintenance, government, utility, industrial and mining markets, in 2007.
“This long-standing relationship with GE Capital and its expertise in the heavy equipment market helped us increase the presence of the Doosan brand in the U.S.,” said Ed Hetherington, president of Doosan Infracore Financial Solutions. “We're pleased with the success of these programs.”
Over the past year, GE Capital has expanded the program's credit lines to accommodate increased growth of both the Doosan and Bobcat brands. From 2008 through the year to date, GE Capital has financed nearly 50,000 Bobcat and Doosan heavy machines for end-users. For information about Bobcat's history, click here: http://www.gereports.com/talking-turkey/.
“As the Bobcat and Doosan businesses continue to grow, we look forward to working with GE Capital to develop new financing solutions for our dealers,” said Rich Goldsbury, Bobcat and Doosan president for North America and Oceania.
“As part of GE, a global industrial company, we appreciate Bobcat's dedication to research and development, and we're excited about its new Acceleration Center in Bismarck, N.D.,” said Jim Kelly, general manager of GE Capital's Vendor Finance business. “We look forward to our continuing relationship with these well-known brands.”
In addition to financing, dealers who work through GE Capital benefit from a suite of inventory management capabilities as well as a robust retail program, efficient online tools and dedicated account management.
About Doosan Infracore Construction Equipment
Doosan Infracore Construction Equipment is a global strategic and business alliance of the construction equipment businesses of Doosan Infracore Co., Ltd. and its affiliates, including Doosan Infracore International, Inc. Doosan Infracore is an industry leader in the engineering, manufacturing and marketing of compact and heavy construction equipment, attachments, air compressors, lighting systems, generators and articulated dump trucks. Its world-renowned brands include Doosan, Bobcat, Montabert, Geith, Tramac, Doosan Moxy and Doosan Infracore Portable Power. Relying on more than 3,500 dealers worldwide, Doosan Infracore products have been used in countless projects all over the world to help customers do their jobs more efficiently and effectively.
About GE Capital, Equipment Finance
GE Capital's Equipment Finance businesses include Vendor Finance, Transportation Finance and Healthcare Financial Services-Equipment Finance. With more than $36 billion in lease and loan transactions since 2007, GE Capital's Equipment Finance business manages over 40 manufacturer financing programs that span 10+ industries, including transportation, construction, information, office imaging, golf and turf, healthcare and manufacturing. It maintains relationships with approximately 200,000 business customers through its network of dealers and distributors, and evaluates more than 1,000 financing applications daily.
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) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582