Case Credit to Offer Financing for Cummins-Powered Industrial Equipment.RACINE, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Aug. 20, 1997-- New Initiative Named Cummins-Case Credit Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Case Credit Corporation, the financing arm of Case Corporation (NYSE NYSE See: New York Stock Exchange :CSE (Certified Systems Engineer) See Microsoft certification. ) and one of the world's largest equipment financing companies, and Cummins Engine Co. Inc. (NYSE:CUM), the world's largest producer of 200+ hp diesel engines, today jointly announced that the two companies have entered into an agreement under which Case Credit will make financing available for all North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. retail purchasers, dealers and manufacturers of industrial equipment powered by Cummins engines. This new initiative, Cummins-Case Credit Financial Services, will serve the Cummins industrial business group, which encompasses the construction, mining, logging, agricultural, rail and governmental markets. The group generated revenues of $863 million in 1996, representing approximately 78,000 engine sales. "This move is consistent with Case Credit's long-term strategy of growing beyond our traditional base," stated Ted R. French, Case Credit chairman and Case Corporation senior vice president and chief financial officer. "Expanding our business should enhance our ability both to offer a competitive range of financial services and to make a stable, growing contribution to Case Corporation and its shareholders." Case Credit has expanded its focus and scope over the past few years, aggressively developing new financing products and entering markets in new parts of the world. As a result, Case Credit's serviced portfolio has grown 65 percent, from $3.1 to $4.8 billion, since Case Corporation emerged as a public company in 1994. "We're excited about our agreement with Cummins," said Kenneth R. Gangl, president and chief executive officer of Case Credit. "This is by far the largest initiative we've undertaken since announcing Case Credit's growth strategy. It's a logical extension of our business...one that leverages the considerable skills we have developed over the past 40 years." Case Credit offers a broad range of financial services designed to maximize customer productivity and success, including flexible installment sales Installment sale The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. financing; credit card financing; casualty, property and life insurance; manufacturer and commercial lending programs; leasing programs; and 24-hour customer service centers. "This is a 'win/win/win' situation for our customers, for Cummins and for Case Credit," said F. Joseph Loughrey, executive vice president, group president-industrial for Cummins. "It provides a full array of quality financing options for our customers, a value-added way to increase sales for Cummins and a means for Case Credit to steadily grow its business." Case Credit is in the process of establishing a dedicated Cummins-Case Credit Financial Services team to help ensure consistently high levels of service for both traditional and non-traditional Case Credit customers. "Superior customer service has become synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as the Case Credit name," said Gangl. "Dedicated teams will enable us to continue to offer that same superior service to our growing array of customers around the world, including our new Cummins-Case Credit Financial Services customers." Cummins Engine Co. Inc. is the world's leading producer of 200+ hp diesel engines. Based in Columbus, Indiana Columbus (IPA: [kəˈlʌm.bəs]) is the county seat of Bartholomew County, Indiana. The population was 39,059 at the 2000 census. The current mayor is Fred Armstrong. , Cummins is also a leading manufacturer of alternative fuel engines, diesel engine components, service products and power systems. In 1996 Cummins reported record sales of $5.3 billion. Case Credit Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Case Corporation, has been serving the financial needs of Case customers since 1957. Case Credit financial services are available in select markets around the world. Today, the company provides financing to 175,000 customers purchasing and leasing agricultural and construction equipment through established dealer networks located primarily in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Australia. Based in Racine, Wisconsin Racine is a city in Racine County, Wisconsin, United States, located beside Lake Michigan at the mouth of the Root River.[2] As of the 2006 census, the city had a total population of 79,592.[3] It is the county seat of Racine County. , Case Credit services a $4.8 billion portfolio of receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and leases. Case Corporation, with revenues of $5.4 billion in 1996, is a leading designer, manufacturer and distributor of agricultural and construction equipment. CONTACT: Case Credit Corporation Sandra J. Lasch, 414/636-6473 or Cummins Engine Co. Ann C. Smith, 812/377-3524 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion