GE Money and Southern States Join Forces for Strategic Growth
LEADING FARM COOPERATIVE TO OFFER FINANCE PROGRAMS
ST PAUL, MINN. -- July 16, 2007 – GE Money's Sales Finance unit and Southern States Cooperative, one of the nation’s largest farmer-owned cooperatives, announced a new multi-year relationship to provide new financing options through GE Money’s private label credit program.
LEADING FARM COOPERATIVE TO OFFER FINANCE PROGRAMS
ST PAUL, MINN. -- July 16, 2007 – GE Money's Sales Finance unit and Southern States Cooperative, one of the nation’s largest farmer-owned cooperatives, announced a new multi-year relationship to provide new financing options through GE Money’s private label credit program.
The program will be offered at the cooperative’s more than 1,100 retail outlets across 23 states. With 300,000 farmer members and fiscal 2006 sales of $1.6 billion, Southern States is a leading supplier of agricultural products and service east of the Mississippi River.
A demographic shift is occurring within the region the cooperative operates today, with urban sprawl reaching out into rural areas. The cooperative has experienced increasing numbers of rural, rural lifestyle and suburban customers looking for the same knowledge and expertise the cooperative provides to its farmer members on how to grow crops. Rural, rural lifestyle and suburban customers are already the focus of the Agway division Southern States operates in the Northeast.
”We are enthusiastic about the opportunity to increase and leverage our strong brand, while at the same time having another tool to target sales growth in the key consumer segment within both our company-owned stores and co-op and dealer locations,” said Leslie Newton, executive vice president and chief financial officer of Southern States. Newton added, “The GE team demonstrated their ability to add value in meeting a strategic need within our organization.”
“Through this partnership, consumers benefit from GE Money’s exceptional customer care,” said Sharon Burkitt, vice president of sales for GE Money’s Home Improvement division. “The program offers substantial benefits, including exclusive cardholder offers, special financing options and a simple, fast application and sales process.”
About Southern States Cooperative
Since its beginning as Virginia Seed Service in 1923, Southern States has been at the forefront of agricultural advances throughout its more than 80 years in business. Today the cooperative manufactures, wholesales and retails agricultural products including; crop inputs such as seed, fertilizer and crop protectants; feed for commercial livestock and domestic animals; other farm supply products; and petroleum products. While the cooperative’s core customer is the commercial farmer, the diverse distribution channels enable the cooperative to sell products and related services to a growing number of rural, rural lifestyle and suburban customers. The comprehensive line of products and services, combined with the expertise of the experienced, specially-trained employees, allows Southern States to act as a “one-stop shop” tailored to serve a wide array of customer needs. More information can be found at www.southernstates.com.
About Sales Finance and GE Money
Sales Finance, based in Kettering, Ohio, is part of GE Money, and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers, dealers and service providers in more than 20 markets including: landscaping, home improvement, recreational vehicles, marine, automotive, powersports, outdoor power equipment, consumer electronics and appliances, furniture, floor covering, jewelry and luxury goods, and various health care disciplines.
With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE: GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, based in Stamford, Conn., 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 at www.gemoney.com.
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 www.ge.com.
©2007 General Electric Company, All rights reserved.
A demographic shift is occurring within the region the cooperative operates today, with urban sprawl reaching out into rural areas. The cooperative has experienced increasing numbers of rural, rural lifestyle and suburban customers looking for the same knowledge and expertise the cooperative provides to its farmer members on how to grow crops. Rural, rural lifestyle and suburban customers are already the focus of the Agway division Southern States operates in the Northeast.
”We are enthusiastic about the opportunity to increase and leverage our strong brand, while at the same time having another tool to target sales growth in the key consumer segment within both our company-owned stores and co-op and dealer locations,” said Leslie Newton, executive vice president and chief financial officer of Southern States. Newton added, “The GE team demonstrated their ability to add value in meeting a strategic need within our organization.”
“Through this partnership, consumers benefit from GE Money’s exceptional customer care,” said Sharon Burkitt, vice president of sales for GE Money’s Home Improvement division. “The program offers substantial benefits, including exclusive cardholder offers, special financing options and a simple, fast application and sales process.”
About Southern States Cooperative
Since its beginning as Virginia Seed Service in 1923, Southern States has been at the forefront of agricultural advances throughout its more than 80 years in business. Today the cooperative manufactures, wholesales and retails agricultural products including; crop inputs such as seed, fertilizer and crop protectants; feed for commercial livestock and domestic animals; other farm supply products; and petroleum products. While the cooperative’s core customer is the commercial farmer, the diverse distribution channels enable the cooperative to sell products and related services to a growing number of rural, rural lifestyle and suburban customers. The comprehensive line of products and services, combined with the expertise of the experienced, specially-trained employees, allows Southern States to act as a “one-stop shop” tailored to serve a wide array of customer needs. More information can be found at www.southernstates.com.
About Sales Finance and GE Money
Sales Finance, based in Kettering, Ohio, is part of GE Money, and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers, dealers and service providers in more than 20 markets including: landscaping, home improvement, recreational vehicles, marine, automotive, powersports, outdoor power equipment, consumer electronics and appliances, furniture, floor covering, jewelry and luxury goods, and various health care disciplines.
With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE: GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, based in Stamford, Conn., 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 at www.gemoney.com.
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 www.ge.com.
©2007 General Electric Company, All rights reserved.
