Finance News

GE and NACCO Materials Handling Group Renew Joint Venture for Five Years, Providing Financing Solutions For Hyster® & Yale® Customers

GE Capital Solutions, Vendor Program Finance and NACCO Materials Handling Group (NMHG) have renewed their long-standing, financing program agreement for another five years. GE and NMHG have partnered in a financial services joint venture for 19 years.

NMHG is a global lift truck manufacturer with annual sales exceeding $2.6 billion. The company sells and distributes equipment primarily through its extensive networks of Hyster® and Yale® dealers.

“In this challenging economy, we’re committed to providing our dealerships – and their customers – with simple, competitive financing options that will make it easier to acquire equipment solutions,” said Colin Wilson, Chief Operating Officer and President, Americas of NMHG. “Key to this strategy has been GE. We’ve partnered with GE for its industry expertise, comprehensive suite of leasing solutions and extensive web-based customer service capabilities.”

“Globally, NMHG Financial Services generates $1 billion in wholesale and retail financing annually,” says Gary Kempinski, GE’s General Manager, Vendor Program Finance, “The program is one of GE Capital Solutions’ most significant relationships. Thanks to the dedication of both companies, NMHG Financial Services is now set to continue delivering results amidst the difficult market dynamics.”

NACCO Material Handling Group

NACCO Materials Handling Group, Inc. designs, engineers, manufactures, sells, services and leases a comprehensive line of lift trucks and aftermarket parts marketed globally under the Hyster® and Yale® brand names.

About GE Capital Solutions

GE Capital Solutions (www.ge.com/capitalsolutions) provides leasing, lending and capital investment products and services to help business customers grow. It has over $100 billion in assets, serves more than a million clients around the world and is headquartered in Danbury, Connecticut. General Electric (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.

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