New Shaw Financial Solutions Program Provides Consumers with Convenient, Affordable Payment Options through Thousands of Shaw Floor Retailers Nationwide
KETTERING, OHIO and DALTON, GA. -- January 31, 2011 -- GE Capital Sales Finance, a consumer lending unit of General Electric Company (NYSE:GE - News), today announced a multi-year agreement with Shaw Floors, to be the exclusive financing provider for Shaw retailers nationwide.
"Now more than ever, financing is an important tool to help Shaw Flooring retailers drive business growth and enable consumers to achieve their purchasing goals, and we are pleased to be their exclusive financing partner," said Glenn Marino, president and CEO of GE Capital Sales Finance. "We pride ourselves on offering financing solutions that are fast, easy and straightforward for retailers to use, and in providing their customers with a strong, safe and secure method that helps them buy what they need."
The new program, Shaw Financial Solutions, offers Shaw customers and homeowners a dedicated line of credit for their home décor purchases, affordable monthly payments through deferred interest and extended financing options, special cardholder promotions, and online account management.
"After an intensive review process, we determined GE Capital Sales Finance to be the best choice in meeting the needs of our retailers who are serious about driving sales growth through the powerful tool of financing," said Scott Humphrey, director for the Shaw Flooring Network. "We are excited about this new program, which offers a variety of meaningful benefits to both Shaw retailers and consumers."
With more than 75 years' experience, GE Capital Sales Finance provides billions of dollars of consumer financing through more than 200,000 small- and mid-size businesses on Main Streets across the United States. It is the leading provider of consumer credit programs for the Flooring Industry, and supports its retail partners with Business Center, an online suite of business and finance program management tools.
In October, 2010, GE Capital announced that it had acquired sales finance portfolios in four core segments, including flooring, in a $1.6 billion transaction. Earlier this month, GE announced that it had agreed to acquire a $500 million consumer portfolio related to a new long-term agreement with Ashley Furniture HomeStores.
About Shaw
Shaw Industries Group, Inc., a subsidiary of Berkshire Hathaway, Inc., is the world's largest carpet manufacturer and a leading floor covering provider with more than $4 billion in annual sales and approximately 25,000 associates. Headquartered in Dalton, Ga., the company manufactures and distributes carpeting, rugs, hardwood, laminate and ceramic tile for residential and commercial applications worldwide. A recognized leader in environmental stewardship, Shaw has implemented hundreds of sustainability initiatives and cradle-to-cradle design solutions, collectively termed the Shaw Green Edge. For more information, visit www.shawfloors.com.
About GE Capital Sales Finance
Based in Kettering, Ohio, GE Capital's Sales Finance business is among the country's oldest and most successful retail lenders, with more than 75 years of experience in consumer financing. The business, which originates loans as a unit of GE Money Bank, provides credit card programs and financial services for consumers through dealers; national, regional and independent retailers; associations; contractors; manufacturers; healthcare practices; and service providers in nearly 20 industries including: automotive, appliances and consumer electronics, elective health care, floor covering, home design and improvement, home furnishings, jewelry, music, powersports, outdoor power equipment and sporting goods. More information can be found at www.gemoney.com and twitter.com/GEMoneyUS.
GE Capital (NYSE: GE) is one of the world's largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, retail sales finance programs, home, car and personal loans and credit insurance. For more information, visit gecapital.com or follow company news via Twitter @GECapital.
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, www.gereports.com and twitter.com/ge_reports.
Cristy Williams
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