Brunswick, GE Extend Joint Venture for Five More Years
LAKE FOREST, Ill., June 11 /PRNewswire-FirstCall/ -- Brunswick Corporation (NYSE: BC) and GE Capital Solutions (NYSE: GE) announced today a five-year renewal of their joint venture, Brunswick Acceptance Company (BAC). The joint venture was formed in 2002, and began operations in 2003 with the goal of providing a stable, long-term source of wholesale floor plan financing for Brunswick boat dealers.
"BAC's goal remains the same," said Scott Danahey, BAC general manager. "We are committed to providing market-leading products and service to Brunswick marine dealers."
BAC has operations in Knoxville, Tenn., and Fond du Lac, Wis., and has become the largest floor plan finance provider for Brunswick boat brands and Mercury Marine engines in the U.S., and one of the largest providers of wholesale financing programs and service to the marine industry.
"We have been extremely pleased with the results and performance of this joint venture," said William Metzger, Brunswick vice president and treasurer. "The venture has been a successful partnership between two industry leaders. BAC brings together the resources of the world's largest marine company with GE Capital Solutions, a leading provider of distribution finance services. Together, we remain focused using our experience and expertise to benefit our customers."
"Our relationship with our dealers goes beyond providing just great boats and engines. Brunswick has long believed that as our dealers prosper, so will we," explained Dustan E. McCoy, Brunswick chairman and chief executive officer. "BAC is an important part of our commitment to serving our dealers, just one of several important tools and support we offer them."
"For over 30 years, GE has been dedicated to serving the marine industry and is committed to our customers," echoed Bruce Van Wagoner, president of GE Capital Solutions' Marine Group. "Through BAC we will continue to provide attractive financial solutions to Brunswick marine dealers. Further, GE is a proud member and supporter of several marine industry associations and continues to provide significant leadership, resources and capital to help grow the industry and our partners."
About Brunswick
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Teignbridge propellers; MotoTron electronic controls; Albemarle, Arvor, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot, Laguna, Lowe, Lund, Maxum, Meridian, Ornvik, Palmetto, Princecraft, Quicksilver, Rayglass, Savage, Sea Boss, Sea Pro, Sea Ray, Sealine, Triton, Trophy, Uttern and Valiant boats; Attwood marine parts and accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine and Benrock parts and accessories distributors; IDS dealer management systems; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables; and Dynamo, Tornado and Valley pool tables, Air
Hockey and foosball tables. For more information, visit http://www.brunswick.com.
About GE Capital Solutions, Commercial Distribution Finance
GE Capital Solutions, Commercial Distribution Finance, is a leading provider of specialized financing products and services for various industries. Offerings include inventory financing, accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. Additional information about CDF can be found online at http://www.ge.com/cdf.
GE Capital Solutions provides leasing, lending and capital investment products and services to help business customers grow. It has over $100 billion in assets, serves more than 1 million clients around the world and is headquartered in Danbury, Conn., USA. For more on GE Capital Solutions, go to http://www.ge.com/capitalsolutions. 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. For more information, visit the company's Web site at http://www.ge.com.
SOURCE Brunswick Corporation
Released June 11, 2008