Ferguson Enterprises, Inc. Builds Innovative Credit Program with GE Business Credit Services
STAMFORD, Conn.--Jan. 2, 20040, 2004--| GE Unit Signs Long-term Agreement with Wholesale Distributor, Providing Customer Greater Financial Flexibility |
Ferguson Enterprises, Inc. and GE Business Credit Services, the commercial arm of GE Consumer Finance, recently signed an exclusive multi-year agreement to provide a national credit program offering flexible payment options to qualifying commercial and consumer customers. The new program will be rolled out nationwide in spring, 2004 to Ferguson's nearly 800 locations.
As part of the agreement, approved business customers of Ferguson can leverage the new credit program to make major purchases such as tools and equipment and receive a 25-day grace period or extend payments for up to 12 months at a low APR of 11.99%. Approved consumer customers of Ferguson, who make purchases at nationwide Ferguson Kitchen and Bath Showrooms of at least $399, will have 90 days to pay their balance in full to avoid finance charges. Other special financing options may be offered to customers periodically in the future.
Ferguson, a wholly owned subsidiary of Wolseley PLC, headquartered in the United Kingdom, is a nationwide wholesale distributor and supplier of plumbing and builder products, industrial pipe, valves and fittings, heating and cooling equipment, waterworks products, and tool and safety items.
"We are very excited to be partnering with Ferguson - the program we're providing the retailer is particularly valuable because it enables growing plumbing and home improvement business customers to make larger item purchases without tying up other credit lines or impacting their cash flow," said Chris Little, vice president and general manager of GE Business Credit Services. "Ferguson has a proven track record of outstanding service, and our customized program will help support their business and growing customer base, while offering flexibility for their financial needs. The program was piloted in December, 2003, with 70 Ferguson locations, and we're thrilled with the positive response to date."
Through its innovative business-to-business finance programs, GE Business Credit Services helps companies increase sales and accelerate cash flow, while reducing operating costs and credit risks. Its integrated solutions are structured so that all customer touch points, such as billing and customer service, are performed under the client's brand.
"For more than 50 years, Ferguson has been consistently recognized for providing outstanding customer service to various industries, contractors and home owners. The flexibility of this program enables our commercial customers to better manage the major purchase budgets for their businesses, which are essential to their company's performance, operating efficiency, and cash flow management. Plus, our consumer customers can now leverage special financing options for larger purchases at Ferguson showrooms, helping to make their home improvement dreams a reality. It's a win-win for everyone," said Joseph Witt, treasurer, Ferguson Enterprises, Inc.
Ferguson is the number one wholesale distributor of heating and plumbing products within the United States and a leading supplier of builders' products to the professional market. Plumbing, mechanical & waterworks contractors, kitchen and bath dealers, builders, homeowners, large industrial businesses, manufacturers, and municipalities all look to one of nearly 800 Ferguson locations in 49 states, the District of Columbia, Puerto Rico and Mexico for parts and supplies. Ferguson is headquartered in Newport News, VA. For additional information, visit www.ferguson.com.
About GE and GE Business Credit Services
GE Business Credit Services, based in Jacksonville, Fla., is the commercial unit of GE Consumer Finance. The company provides receivables management programs and marketing solutions in the business-to-business arena that support the distribution of product throughout the supply chain. Its solutions include Business Process Outsourcing (BPO) of open account trade credit, private label revolving credit programs, receivables financing and inventory financing for national and regional clients. More information can be found online at www.gebcs.com. GE Consumer Finance, a unit of General Electric Company, with more than $95 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 38 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com. GE is a diversified services, technology and manufacturing company with operations worldwide. More information about GE can be found online at www.ge.com.