GE Commercial buys Electrolux Financial

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spike60

spike60

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Well, I know that a lot of you guys are rolling your eyes now, with all of these strange rumours being posted, but......

This is a fact, not a rumour: Electrolux sold their entire dealer finance operation to GE commercial distribution finance. Every Husky dealer received this information by fax last week. There was a letter from GE as well as a letter from Husky President Dave Zerfoss officially announcing this transaction.

They have set up a new division called Husqvarna Financial Services. Today I spoke to one of their customer service reps to get the low down on what was going on.

It's possible that this transaction is what has been fueling the John Deere/ Briggs rumours. Although some will probably point to this as further evidence that Electrolux is dumping the whole thing.

Until there is a press release, it's all just speculation.

But it is kind of fun, isn't it? Let's start a few more, OK?

1. Stihl bought by Studebaker.
2. Echo bought by The Rev. Sun Myung Moon.
3. Dolmar bought by the Gambino family.
4. Shindaiwa bought by Ben and Jerry's ice cream.
5. Jonsered bought by Chrysler. (Hey, a Hemi-Turbo! Cool!)
 
This one makes sense. It's not at all unusual for a product company to decide they want to focus on being a product company, not a financing company. Selling that part to GE Financial makes sense. It's what they do.
 
Another deal that might confuse people : Husqvarna merges with Singer. Yeah, that was the headlines I saw...
It was fortunately Husqvarna sewing machines...has nothing to do with Husqvarna chainsaws. But, in case someone posts a rumour about Singer buying Husqvarna chainsaws, don't worry, it's not true :)

http://www.altassets.com/news/arc/2005/nz7890.php
 
If it is a fact, why is there no mention of it on either company's web site? Why is there nothing in any financial news outlet about this?

Publicly traded companies cannot buy other publicly traded companies quietly. There are filings with the SEC and other governmental agencies which MUST happen before any purchase can be completed, and these filings are PUBLIC information, by law.

http://www.electrolux.com/node62.aspx

http://www.electrolux.com/node361.aspx

Oh, by the way, "GE Financial" doesn't exist.

https://www.gefinancialassurance.com/genworth/index.html?SMSESSION=NO


It's odd for a company that no longer exists to be buying anything!


http://phx.corporate-ir.net/phoenix.zhtml?c=175970&p=irol-news

Okay, it has a successor, but it's odd for a company that offers:

* Life Insurance
* Long Term Care Insurance
* Annuities
* Investment Services
* Mortgage Insurance
* Employee Benefits

...to be buying a consumer finance outfit.


Ain't the Internet grand?
 
This is directly off of Husqvarna's website from the news section:

December 2, 2005
HUSQVARNA ANNOUNCES CREATION OF HUSQVARNA FINANCIAL SERVICES
Forest, Lawn & Garden Equipment Manufacturer Helps Dealers
Simplify to Succeed with Single Source Financing Solutions

Beginning December 1, 2005, Husqvarna dealers will have access to additional financial resources with the creation of Husqvarna Financial Services.

Husqvarna Financial Services is a private-label strategic alliance between Husqvarna, a manufacturer of forest, lawn and garden power equipment, and the Commercial Distribution Finance (CDF) unit of GE Commercial Finance. The agreement provides Husqvarna dealers across the U.S. with a single source for inventory and retail financing and servicing needs while reinforcing Husqvarna’s message of “Simplify to Succeed.”

“The creation of Husqvarna Financial Services fits perfectly with our strategic goal to be a Total Source Solution to our dealers,” said Dave Zerfoss, president of Husqvarna North America. “Dealers will benefit from the fact that Husqvarna Financial Services is a dedicated group with the singular focus of working with dealers to grow their business,” Zerfoss continued. “Husqvarna Financial Services consumer and commercial credit programs will drive more customers into Husqvarna dealer stores and wholesale financing programs will help our dealers to maximize their cash flow.”

Dealers who had previously been working with Electrolux Financial Services will have their accounts transferred to the new entity. CDF has been providing Husqvarna dealers with inventory financing services through Husqvarna since 2003.

“We are thrilled that Husqvarna selected GE as its financing services provider,” said Marvin Solomon, president of CDF’s Outdoor Products Group. “The strategic alliance presents an exciting opportunity for CDF to further enhance our offering in the Lawn Care and Farm Equipment industries and help our customers grow their businesses.”

Dealers with questions can contact Husqvarna Financial Services by calling toll-free: 1-800-355-2293.


Husqvarna, a member of the Electrolux Group, offers forest, lawn and garden power equipment for all applications. The company markets a complete line of chain saws, clearing saws, cut-off saws, and lawn and garden products, including riding and walk-behind mowers, yard and garden tractors, tillers, edgers, brushcutters, grass trimmers, back-pack and hand-held blowers, snow throwers, and commercial turf care equipment. For more information, contact Husqvarna, 7349 Statesville Road, Charlotte, NC, 28269, or visit Husqvarna’s web site at www.husqvarna.com.

About Commercial Distribution Finance
Commercial Distribution Finance specializes in financing the movement of finished consumer goods throughout the distribution chain, serving more than 6,000 manufacturers who sell to over 40,000 retailers. Offerings include inventory finance, accounts receivable financing, asset-based lending, private label financing, collateral management, trade flow financing, e-commerce services and related financial products. For more information, visit CDF’s Web site at www.gecdf.com.

About GE Commercial Finance
GE Commercial Finance is the business-to-business finance unit of General Electric. With deep industry expertise and lending, leasing and financing services of every kind, GE Commercial finance plays a key role in helping its customers grow. Conducting business in 35 countries, GE Commercial Finance has assets of over US $230 billion and is headquartered in Stamford, Connecticut, USA.

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 the company's Web site at www.ge.com.

More information:
Barbara Zerfoss
E-mail address: [email protected]
Jim Kapp
E-mail address: [email protected]
 
mktest said:
Another deal that might confuse people : Husqvarna merges with Singer. Yeah, that was the headlines I saw...
It was fortunately Husqvarna sewing machines...has nothing to do with Husqvarna chainsaws. But, in case someone posts a rumour about Singer buying Husqvarna chainsaws, don't worry, it's not true :)

http://www.altassets.com/news/arc/2005/nz7890.php
Click to expand...



My wife has a Singer sewing machine. Strange thing is, it has a pull starter, and when she uses it, she has to open a couple of windows..........:dizzy:
 
dano said:
My wife has a Singer sewing machine. Strange thing is, it has a pull starter, and when she uses it, she has to open a couple of windows..........:dizzy:
Click to expand...


Must be a sewing machine from the homelite era...LOL :laugh:
 
Husky nut said:
BlueRidgeMark think agian GE financial does exist but is known as GE commercial finance and has taken over for elctrolux's financing for Husqvarna... try www.gecdf.com
Click to expand...


GE Financial does not exist. GE Commercial Finance is a different company. As in, not the same.
 
Husky nut said:
This is directly off of Husqvarna's website from the news section:

December 2, 2005
HUSQVARNA ANNOUNCES CREATION OF HUSQVARNA FINANCIAL SERVICES
Forest, Lawn & Garden Equipment Manufacturer Helps Dealers
Simplify to Succeed with Single Source Financing Solutions

Beginning December 1, 2005, Husqvarna dealers will have access to additional financial resources with the creation of Husqvarna Financial Services.

Husqvarna Financial Services is a private-label strategic alliance between Husqvarna, a manufacturer of forest, lawn and garden power equipment, and the Commercial Distribution Finance (CDF) unit of GE Commercial Finance. The agreement provides Husqvarna dealers across the U.S. with a single source for inventory and retail financing and servicing needs while reinforcing Husqvarna’s message of “Simplify to Succeed.”

“The creation of Husqvarna Financial Services fits perfectly with our strategic goal to be a Total Source Solution to our dealers,” said Dave Zerfoss, ....


Dealers who had previously been working with Electrolux Financial Services will have their accounts transferred to the new entity. CDF has been providing Husqvarna dealers with inventory financing services through Husqvarna since 2003.
Click to expand...


I'm still looking for that part where GE Financial bought something from Electrolux.... :rolleyes:
 
Well i was helping point out the ge commercial finance that was brought up in the main post and i never stated anything of a buy out just a take over...So we're still yet to see proof of a buy out but we got proof of a take over
 
It's called "outsourcing". It has nothing to do with a takeover. Nothing has been sold. GE Commercial has been contracted to provide services.
 
I heard Planters bought Quaker Oats.

They were gonna call it Nuts and Flakes, but California already has the rights to that.

Before they could figure out what to do, Singer came along and bought he whole thing. Now theyre gonna call it Sewing your Oats, but be careful with the nuts.
 

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