NewswireToday - /newswire/ -
Mississauga, Ontario, Canada, 2010/05/12 - GE Capital’s Commercial Distribution Finance (CDF) business in Canada announced today that it has entered into a new agreement with Morris Industries Ltd. to provide inventory financing for Canadian dealers of its agricultural equipment. NYSE: GE
This relationship indicates GE Capital’s renewed commitment to manufacturers and dealers in this industry, noted Peter Ringler, president and CEO of the company’s CDF Canada operations. As a business that will lend $25 billion to 36,000 companies across North America this year, GE Capital is well positioned to provide the flexible financing terms that match this industry’s growth cycle.
“CDF Canada is excited about this agreement, which demonstrates our commitment to financing the Canadian agricultural equipment industry," said Ringler. “We look forward to working together with Morris and their dealer network to support smart growth for the industry.”
GE Capital will provide floorplan financing to Morris’ dealer network beginning in May.
Based in Saskatoon, SK, Morris is a manufacturer and distributor of agricultural equipment, including tillage and hay hauling equipment.
"Morris Industries and GE Capital share a commitment to support the financial needs of our dealer network," said Casey Davis, president and CEO of Morris Industries. "We are pleased with our new arrangement and look forward to working with GE Capital on innovative financing programs to help our dealers grow."
About Morris Industries Ltd
Morris Industries Ltd (morris-industries.com) is a worldwide manufacturer and distributor of agricultural equipment. With headquarters in Canada, Morris Industries Ltd. has a global network of distributors and dealers. Morris products include air drills, air carts, tillage and hay hauling equipment.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance is a leading financing provider to manufacturers and their distributors. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. Additional information can be found online at ge.com/cdf or gecapital.ca/en/product/cdf.asp/.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit 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 (ge.com) operates in more than 100 countries and employs about 300,000 people worldwide.
Ned Reynolds, GE Capital
Morris Industries Ltd
Cam Sylvester, Corporate Credit Manager
Morris Industries Ltd
Randy Ellis, Director of North American Marketing & Sales