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Textron Financial Corporation Acquires Electrolux Financial Corporation's Inventory Finance Business.

PROVIDENCE, R.I. -- The Distribution Finance Group of Textron Financial Corporation ("Textron Financial"), a Textron Inc. (NYSE: TXT) company, has acquired Electrolux Financial Corporation's ("EFC") inventory finance business. The newly acquired unit is now part of Textron Financial's Technology Finance Division, and will continue to operate from Columbus, Ohio.

Textron Financial's Distribution Finance Group provides wholesale inventory financing for a broad range of products in the U.S. and Canada. The newly acquired business provides consumer appliance and electronics dealers with wholesale inventory financing and also provides Electrolux Home Products, Inc. ("Electrolux") with ancillary credit and administrative services. As a result of the acquisition, Textron Financial has assumed EFC's role as the preferred wholesale inventory financing lender for Electrolux Major Appliances, an operating division of Electrolux in the U.S.

Textron Financial's Technology Finance Division has a long history of providing financial services to the information technology and telecom sectors. In October 2005, the Technology Finance Division announced its expansion of services into the consumer electronics and appliances markets. "This acquisition demonstrates Textron's level of commitment to the industry," said Keith Boudreau, president of the Technology Finance Division. Boudreau adds, "The addition of EFC's portfolio and experienced personnel instantly gives Textron Financial the capability to leverage our successful track record in the technology sector with a proven provider of financing in the consumer electronics and appliances markets."

"We are very pleased that Textron Financial has acquired our U.S. financing operation," said Arne Antonsson, president, Electrolux Financial Corporation. "This transaction allows Electrolux to continue to focus on our core marketing and manufacturing activities, while giving our customers access to Textron's world-class financial services group."

Dealers, distributors, manufacturers, buying groups, and trade associations who previously worked with EFC should see no interruption in service. Former EFC staff have joined the Textron Financial team and will continue to provide day-to-day account management, and EFC's dealer and supplier on-line payment systems will remain available. In addition, the Home Source(TM) credit card program remains available to dealers through Textron Financial. "We expect the transition to be entirely seamless for current customers," said Kim Caldwell, vice president of Operations, Textron Financial (formerly of Electrolux Financial).

About Textron Financial Corporation

Textron Financial is a diversified commercial finance company with $9 billion in managed receivables. It has core businesses in Aviation Finance, Asset-Based Lending, Distribution Finance, Golf Finance, Resort Finance, and Structured Capital. Textron Financial also provides financing programs for products manufactured by its parent company, Textron Inc. Additional information about the company is available at www.textronfinancial.com.

About Textron Inc.

Textron Inc. is a $10 billion multi-industry company with approximately 37,000 employees in continuing operations in 33 countries. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com.

About Electrolux

Electrolux is a global leader in home appliances and appliances for professional use, selling more than 40 million products to customers in 150 countries every year. The company focuses on innovations that are thoughtfully designed, based on extensive consumer insight, to meet the real needs of consumers and professionals. Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under esteemed brands such as Electrolux, AEG-Electrolux, Zanussi, Eureka and Frigidaire. In 2005, Electrolux had sales of over $13.5 billion and 57,000 employees. For more information, visit http://www.electrolux.com/press.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 5, 2006
Words:594
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