|
LESCO, INC. PLANTS SEEDS FOR GROWTH
WITH GE BUSINESS CREDIT SERVICES
GE Unit Signs Agreement with
Nation's Leading Provider of Lawn Care and Golf Course Products
STAMFORD, CONN. December 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,
72 LESCO Stores-on-Wheels, 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.
# # #
For further information, contact: Danielle Reilly, GE Consumer
Finance, (203) 357.6626 (office), (914)564.9717(cell).
|