JACKSONVILLE, Fla.--(BUSINESS WIRE)--Oct. 6, 2005--
GE Unit Signs Long-term Agreement with America's Largest Building Material Distributor, Providing Stock Customers Greater Financial Flexibility
Stock Building Supply and GE Business Credit Services, a unit of GE, recently signed an exclusive multi-year agreement to provide two national credit programs, offering Stock's qualifying commercial customers the option between a private label commercial open account receivables program or a business revolving charge account with flexible payment options. The new programs are now available at Stock's 255 locations.
Stock Building Supply Holdings, Inc, is a nationwide supplier of lumber, building materials and associated services. GE Business Credit Services will work with Stock to extend its market reach and increase sales - enhancing Stock's ongoing efforts to serve more of the remodel and repair builder market.
"GE Business Credit Services is pleased to have partnered with the leader in the building materials industry - Stock Building Supply," said Chris Little, vice president and general manager of GE Business Credit Services. "The Stock program will leverage GE Business Credit Services' backroom efficiencies and a proprietary receivables system with functional architecture specific to the business requirements of Stock's contractor customer."
Through its innovative business-to-business receivables programs, GE Business Credit Services helps companies increase sales and accelerate cash flow, while reducing operating costs and credit risk. Its integrated solutions are seamlessly integrated into its clients' operating systems and structured so that all customer touch points, such as billing and customer service, are performed under the client's brand.
"These new credit card options will strengthen Stock's financial service offerings to the Commercial, Remodeling and Custom Builder segments of our business," said Jim Major, vice president, Finance and Strategic Planning at Stock. "This is an important part of our planned growth, featuring strategically positioned showrooms where these key customers will come to select products for their customers and projects. We can now offer the financial flexibility and convenience of timely credit and the option of financing for larger purchases".
About Stock Building Supply
Stock Building Supply Holdings, Inc., a wholly owned subsidiary of Wolseley PLC, headquartered in the United Kingdom, and its associated companies have been in the business of providing a full line of quality building materials for over 100 years. With 255 locations in 30 states and annual sales in excess of $4.1 billion, Stock Building Supply is the leading supplier of building materials to the professional home building industry in the United States. Stock Building Supply is headquartered in Raleigh, NC. For additional information, visit www.stocksupply.com.
About 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 secured sales financing for national and regional clients. More information can be found online at http://www.gebcs.com.
About GE and GE Consumer Finance
With $150 billion in assets, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to customers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn., 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 (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
(C) 2005 General Electric Company, All rights reserved.
Contacts
GE Consumer Finance
Mariane Ceballo, 203-585-6696
Cristy Williams
[email protected]
678.518.2596