ST. PAUL, Minn.--(BUSINESS WIRE)--GE Money's Sales Finance unit has renewed its agreement with Lennox International Inc.(LII), a global leader in the air conditioning, heating and refrigeration markets, to provide consumer financing through LII air conditioning and heating dealers and contractors across the United States and Canada.
The original consumer financing agreement between LII and GE Money began in 2005. The new agreement will extend the relationship for multiple years, and cover a range of residential products including: ENERGY STAR® lines; air quality systems; air conditioners; heat pumps; furnaces; boilers; air handlers; packaged units and comfort controls.
"Our relationship with GE is very important to our overall sales strategy," said Diane Bennett, Director, Worldwide Supply Chain Logistics for LII. "Consumer financing is valuable to our customers because replacing an HVAC unit often is a purchase that can't be deferred. However, extended credit terms enable consumers to defer payments, so having a strong financing partner helps our business."
The HVAC industry in North America is estimated at $25-$30 billion annually. There are approximately 80,000 licensed heating and air conditioning contractors in the U.S. Energy efficiency, technology innovations, sustainability (units made with recyclable parts) and environmental impact are all factors affecting the HVAC industry.
"It's a confirmation of our program when a partner such as LII chooses to renew and extend their agreement with us," said Gary Slagle, vice president and general manager of the home utility industry of GE Money -- Sales Finance. "The growth of their company and brand over the past two years is an indication that our consumer financing partnership works."
ABOUT LENNOX INTERNATIONAL
Operating in over 100 countries, Lennox International Inc. is a global leader in the heating, air conditioning, and refrigeration markets. Lennox International stock is traded on the New York Stock Exchange under the symbol "LII". LII topped $3.3 billion in sales in 2005. Additional information is available at: http://www.lennoxinternational.com.
ABOUT GE MONEY AND SALES FINANCE
Sales Finance, based in Kettering, Ohio, is part of GE Money, formerly GE Consumer Finance. The Sales Finance division provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers, dealers, manufacturers and service providers in more than 20 industries including: home utility, powersports, home improvement, furniture, sporting goods, outdoor power equipment, automotive, recreational vehicles, consumer electronics and appliances, floor covering, marine, music, jewelry, and health care.
With $163 billion in assets, GE Money, a unit of General Electric Company (NYSE: GE), is a leading provider of credit services to consumers, retailers and auto dealers in approximately 50 countries. GE Money, 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.gemoney.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 www.ge.com.
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Contacts GE Money
Cristy Williams, 678-518-2596
[email protected]
Cristy Williams
[email protected]
678.518.2596