NMHG, GE extend financing program
Thursday, 11 December 2008
Portland, OR, United States
Nacco Materials Handling Group (NMHG) and the capital solutions unit of conglomerate General Electric Co (GE) have renewed a vendor financing program agreement for five years.
"In this challenging economy, we're committed to providing our dealerships and their customers with simple, competitive financing options," says Colin Wilson, chief operating officer and Americas president for Portland-based NMHG. "GE has been a key to NMHG's strategy."
NMHG and GE have collaborated for 19 years under a financial services joint venture.
"Globally, NMHG financial services generates USD1 billion in wholesale and retail financing annually," noted Gary Kempinski, general manager of vendor program finance for the GE unit in Danbury, Connecticut. "The program is one of GE Capital Solutions' most significant relationships."
NMHG, a principal business of publicly traded Nacco Industries Inc, operates through the Hyster and Yale brands of forklifts and aftermarket parts and reported profit of USD39.3 million on 2007 sales of USD2.72 billion.