GE Capital’s Retail Finance business and Rheem Renew KwikComfort™ Consumer Financing Program
Industry Experience and Shared Commitment to Service Contribute to Successful Program
KETTERING, OHIO and ATLANTA – August 10, 2011 – GE Capital’s Retail Finance business, a consumer lending unit of General Electric Company (NYSE: GE - News) has renewed its agreement with Rheem Manufacturing Company to provide consumer financing programs through more than 1,200 independent heating, cooling and water heating contractors across the United States.
As part of the new, multi-year agreement, these independent contractors will continue providing payment options for customers through the KwikComfort Financing program. The renewal of the agreement between GE Capital and Rheem extends a program that began in 2004.
“Rheem is a powerful brand with a strong reputation in the market. Our goal is to help them grow their business by providing flexible financing options for their customers and outstanding support. We are delighted to be continuing our relationship with them,” said Bruce Christensen, vice president and general manager, Home Improvement for GE Capital’s Retail Finance business.
Rheem is a leading provider of integrated air and water comfort products for residential and commercial customers. The company’s unique product portfolio includes residential and commercial integrated air and water systems; heating and cooling systems; tank, tankless, solar, and hybrid heat pump water heaters; swimming pool heaters; and commercial boilers. Rheem is headquartered in Atlanta and has domestic manufacturing facilities in Fort Smith, Ark.; Montgomery, Ala.; Oxnard, Calif.; and Eagan, Minn. Rheem also operates a state-of-the-art parts distribution center in Randleman, N.C.
“GE Capital has been a great partner over the years to Rheem because they truly understand the process that customers go through when purchasing a water heater or HVAC system. Because GE Capital understands our industry and the financing options that our customers value, extending our agreement was an easy decision,” said Frank Fodge, sales and marketing programs manager, Rheem Manufacturing Company. “Replacing a water heater or HVAC unit often is an unplanned purchase, so having a sound consumer financing program in place is a great benefit to our customers and dealers.”
For more than 75 years, GE Capital’s Retail Finance business has provided billions of dollars in consumer financing through more than 200,000 small- and mid-sized businesses throughout the United States. It is a leading provider of consumer credit in the home improvement and home utility industries and supports its retail clients and dealers with online technology such as the Business Center, which includes service, training, marketing and sales tools.
About Rheem Manufacturing Company
Rheem Manufacturing Company (www.rheem.com ) is privately held with headquarters in Atlanta. In its 86th year of operation, the company manufactures a full-line of eco-friendly, technologically advanced residential and commercial heating and cooling systems; tank, tankless, solar and hybrid heat pump water heaters; whole-home standby generators, controls, swimming pool and spa heaters; indoor air-purification products; and commercial boilers throughout North America and world markets. The company’s premium brands, including Raypak, Ruud and Rheem, have been recognized with countless industry and consumer awards for reliability, innovative design and high quality. Rheem is the official heating, cooling and water-heating supplier to Kevin Harvick, Inc. (KHI) and is the primary sponsor of NASCAR’s Nationwide Series “Driver of the Decade” Kevin Harvick and his #33 car.
About GE Capital’s Retail Finance business
GE Capital’s Retail 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 to retailers and consumers in the United States through its Retail Cards and Sales Finance units. This includes customized private label and bankcard credit programs to major retailers in the U.S., as well as private label credit card programs, promotional and installment lending, bankcards and financial services for consumers through dealers; national, regional and independent retailers; contractors; manufacturers; healthcare practices; and service providers across more than 20 retail segments 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 .
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For more information contact:
For GE: Cristy Williams, 678.518.2596 or [email protected] twitter.com/GEMoneyUS
For Rheem: Lindsey Ford, 770.351.3018 or [email protected].