STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 19, 2003--LESCO, Inc. (LESCO) and GE Business Credit Services, the commercial arm of GE Consumer Finance, recently signed an exclusive agreement to provide receivables management and marketing solutions to LESCO customers, including an open account trade credit program and a revolving credit program.
The new programs will be introduced to LESCO's nationwide customer base in 2004 and are expected to help the company extend its market reach, increase operating efficiencies, lower expenses and free working capital.
As part of the agreement, LESCO customers will be able to take advantage of GE Business Credit Services' state-of-the-art systems and customized financial solutions, including instant credit to be used at all LESCO locations nationwide. In addition to the extension of traditional open account trade credit, the introduction of LESCO's revolving credit program will allow its customers flexible payment options, like low monthly payments or pay-in-full programs.
Instant account information, including monthly online statements, will also be available to LESCO customers, directly linked through the LESCO Web site.
LESCO is the nation's leading specialty provider of lawn care and golf course products to the $7.9 billion professional green and pest control industries. Customers include golf courses, athletic fields and professional lawn care companies that maintain landscapes around apartments, office complexes, government buildings, cemeteries and private homes.
We are very excited to partner with LESCO to provide financial solutions for its rapidly growing customer base, said Chris Little, vice president and general manager of GE Business Credit Services.
LESCO has a proven track record of excellent customer service, and our customized programs will allow the company to focus on growth, without impacting its cash flow. We're looking forward to building a long-term relationship with LESCO as we help the company streamline cost efficiencies.
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.
The outsourcing relationship with GE Business Credit Services will support our growth strategies and the changing needs of our customers through expanded financing options, advanced Internet services and loyalty program capabilities. This agreement allows us to reduce debt, increase our long-term financial flexibility, and ultimately drive cost savings and operational improvements over time.
GE Business Credit Services is the perfect partner to help us enhance the LESCO customer experience - it's a win-win for everyone involved, said Michael P. DiMino, president and chief executive officer of
LESCO.
About LESCO
LESCO distributes product through nine hubs and serves more than 130,000 customers worldwide, through 247 LESCO Service Centers(R), 72 LESCO Stores-on-Wheels(R), and other direct sales efforts. Sales in 2002 totaled $511.7 million. Additional information about LESCO can be found on the Internet at www.lesco.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 a 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 37 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
(NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide. More information about GE can be found online at www.ge.com.
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CONTACT: GE Consumer Finance
Danielle Reilly, 203-357-6626
cell: 914-564-9717
Cristy Williams
[email protected]
678.518.2596