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Kit Menkin’s Leasing News www.leasingnews.org February 7, 2002 The Full Story---All the Angles, including Tyco’s Watch Your Back—“When Going Through Hell, Keep on Going.” Willard Smith to Retire From Willis Lease Finance Board Sonoma Valley Bank Selects BancLease Software Suite Venture Credit Picks Former CIT Syndication as Director Northrop CIO Complaint About Leasing News Western & Southern Financial Group Chooses ePlus De Lage Landen's global partnerships World Round-Up Classified Ads---Up-Date---29 Ads Were Cut American Express Business Finance---Tomorrow ### Denotes Press Release _______________________________________________________________ ( Leasing News reported this last week from a highly reliable source from a major company. We were not able to get confirmation or denial, and from what we were told, “the spin,” Tyco would not sell off CIT---However, it does appear our source was correct, according to the latest news. editor ) Tyco to Spin Off CIT in 8 to 12 Weeks By
John Hechinger and Laura Johannes, Wall Street Journal -- Reluctant Suitors Line Up for CIT By Andrew Ross Sorkin and Alex Berenson, New York Times Tyco International moved quickly to sell or spin off the CIT Group, its finance unit, to stem a crisis of confidence that has caused its stock to fall by more than half in the last month, executives close to the company said. Restoring confidence in CIT is crucial for Tyco because the unit depends on Wall Street's faith to help finance its operations. Over the last two days, both Tyco and the CIT Group have lost access to the commercial paper market, the cheapest source of short- term financing, and have been forced to turn to more costly bank lines of credit, the executives said. Tyco was also making plans that would allow it to spin off the company quickly, within 8 to 10 weeks, should it be unable to find a buyer willing to pay the right price, other executives said. One executive close to Tyco put the chances of a sale at 25 percent. Last month, Tyco announced that it would split into four pieces, abruptly reversing a decade-long strategy of growth by acquisitions. Yesterday, shares of Tyco plunged 23 percent, or $6.80, to $23.10, after CIT announced that it would tap its $8.5 billion in bank lines of credit to pay off short-term debt. In response, Fitch again downgraded the debt ratings of Tyco and CIT. "Until Tyco Capital is successfully spun off or sold it will continue to be subject to pressures faced by Tyco International as well as reduced unsecured market liquidity," Fitch said in its statement. Tyco has said the crisis of confidence is unfounded and that its operations will generate more than $4 billion. But short sellers, who profit when a company's stock falls, have said Tyco needs to disclose more information about its accounting practices, especially what happens at the companies Tyco buys before they are merged into the company. The short sellers say Tyco appears to be manipulating those companies earnings before it integrates them so that later it can artificially inflate its earnings. Tyco has denied those accusations and has said its accounting is proper. Latest on Tyco—Wrap-up ##### ##################################### Fitch Lowers Tyco Capital To `A-/F2'; Placed On Watch Evolving NEW YORK-- Fitch Ratings has lowered Tyco Capital Corp.'s (Tyco Capital) and related entities' senior debt, subordinated debt, preferred stock, and commercial paper ratings to `A-', `BBB+', BBB+', and `F2' from 'A+', 'A', 'A', and 'F1', respectively. In addition, Fitch has revised Tyco Capital's Rating Watch to Evolving from Negative. Rating Watch Evolving indicates that ratings could be lowered, affirmed, or raised. Approximately $34 billion of debt securities and preferred stock are covered by Fitch's actions. While Fitch views Tyco Capital's decision to borrow under its bank borrowings as the means to bolster liquidity and provide a logical means to repay maturing commercial paper in an orderly manner given current environment, this action and the resultant reduction in financial flexibility is not consistent with a `F1' rating. The Rating Watch Evolving reflects Fitch's view of the fluidity of the situation. While parent company pressures have been somewhat mitigated by Tyco Capital's continued efforts to enhance firewalls, until Tyco Capital is successfully spun off or sold it will continue to be subject to pressures faced by Tyco International (Tyco) as well as reduced unsecured market liquidity. Either of which could result in additional downward rating actions. The changes in the term debt and preferred stock ratings reflect the decline in margin of safety available to investors. However, should the near term spin-off of Tyco Capital address current market pressure, reestablish access to diverse sources of long term and short term capital, and maintain the improvement in credit metrics since its acquisition, its ratings could be returned to more historic levels. Over the intermediate term, Tyco Capital's sources of available liquidity, including committed bank facilities, committed asset-based commercial paper facilities, and portfolio cash flow appear sufficient to meet maturing commercial paper and term debt. At Dec. 31, 2001, the company had approximately $7.8 billion of commercial paper outstanding. This along with roughly $8.2 billion of term debt maturities due in fiscal 2002 sums to $16 billion of debt due during the year. The combination of contractually maturing finance receivables of $13.8 billion, income from operating lease income ($1.1 billion), and $3 billion of new ABCP commitments should allow the company to meet debt maturities. Fitch recognizes that many of Tyco Capital's credit metrics have improved significantly during Tyco's ownership of the company. Although Tyco owned Tyco Capital for less than one year, the subsidiary was able to tap the parent's resources to help clean up its balance sheet, including the disposition of over $5 billion of non-core assets, strengthen capital, and accelerate `right-sizing' initiatives. As such, Tyco Capital may be better positioned to weather the current challenges in funding then prior to the acquisition by Tyco. Based in Livingston, NJ, Tyco Capital Corp. is one of the largest commercial finance companies in the world with managed finance receivables and operating leases of about $50 billion Dec. 31, 2001. The company has leading market positions in a variety of business segments. ### ######################################### Tyco and its bankers busily spent yesterday (2/5/02) trying to gauge interest from a group of seemingly reluctant suitors for CIT, formerly known as Tyco Capital, including GE Capital, GE's finance unit; Citigroup, a major Tyco creditor; the FleetBoston Financial; Wells Fargo and several other companies, according to executives close to the discussions. So far, GE Capital has signed a confidentiality agreement to study CIT's finances, the executives said. Many of the potential buyers appeared to be lukewarm about acquiring the business unit because of questions about Tyco's accounting practices and its falling stock price, the executives said. An executive for one suitor said his company was only "window shopping." With Tyco's stock plunging, would-be buyers appeared ready to wait until Tyco cut its asking price for CIT. And Citigroup already appears uninterested. ( There is an old saying, when you dig yourself a hole, dig deeper. editor )
Dow Jones: Tyco CEO Says Not In "Panic Mode to Move CIT" By Christopher C. Williams, Dow Jones Newswires Tyco International, taking the offensive against a barrage of rumors and concerns that have been battering the stock, strongly defended its financial position as strong and its accounting as sound. On a conference call with investors and analysts, Chairman and Chief Executive L. Dennis Kozlowski and Chief Financial Officer Mark H. Swartz said Tyco isn't suffering from any liquidity problems. "Tyco remains on very solid footing," Kozlowski said. Kozlowski said CIT, the company's financial services arm, is "much stronger today than a year ago." But the official also said there was risk to the management's prior $3.70-a-share guidance for the fiscal year ending Sept. 30. That is due mainly to the electronics business, whose end markets, according to Kozlowski, remain "fuzzy," and to added expense and costs from tapping bank credit lines. The official said there is a zero to negative 25-cents-a-share risk to the company's guidance for its electronics business. He said it was a worst case scenario. Tyco also puts incremental costs and fees from tapping bank lines at 10 cents to 15 cents a share for the year. In NYSE-composite trading, Tyco was up $4 or 17.4% to $27.11 on 86 million shares, compared with average daily volume of about 26 million. Both Tyco Capital, formerly CIT Group, and parent Tyco recently decided to tap bank credit lines, igniting concerns the operations are facing a cash crunch. Officials at Tyco Capital and Tyco International deny this. During the conference call, Kozlowski said the move to tap bank lines of credit insulates the company from market rumors. Tyco plans to tap into $5.9 billion in credit lines because of concern it would have trouble gaining access to the commercial paper market. "The debt structure protects the company's financial future from rumors," Kozlowsi said on the call. CEO Kozlowski said management isn't in a "panic mode to move CIT." Kozlowski said management is moving ahead to spin out the operation to shareholders without an initial public offering, which should take about eight to 12 weeks. He said he's not planning an outright IPO for the operation but would look at all options and "opportunities to maximize value of CIT." There's widespread speculation Tyco may end up selling the business, which it bought a year ago for $9.5 billion. It has a book value of around $11 billion, say analysts, and has drawn the interest of American International Group and GE, among others, according to The Wall Street Journal. The business could fetch between $7.7 billion and $12 billion. Last month Tyco shocked investors by announcing it would split into four separately-traded companies. Tyco wants to spin off its health care, fire protection and flow control businesses to the public through IPOs. Tyco plans to combine the security and electronics businesses into a fourth company and try to sell its plastics operation. On the call, Kozlowski said management is seeing an "awful lot of interest" in its plastic operations, from both strategic and equity buyers. He hopes to announce a deal by mid-April, when the company's announces fiscal second-quarter results. ( This confirms the rumors that the former CITis on the block, right from Mr. Kozlowski himself. There is an old saying, “ When going through Hell, keep on going.” In my career in working for large corporations, serving in management capacity, including being a Managing Editor of a major television news department and city manager of a California city, let me pass on some advice to those on the job: Work harder than every before. Do your job. Stay out of politics. Work your butt off. They may choose you to stay. Your chances of finding work will be better because others will comment on how hard you worked, what you did...and if they don’t, you know you did your best and it will transmit in an interview. Plus you will feel better about yourself, because you did your best. Don’t slack off. Work your butt off. Kit Menkin, editor/publisher ##### ######################################################### Venture Credit Picks Former CIT Syndication as Director Northrop CIO Venture Credit announces former CIT Capital Synidcatin Director Johnston W. Northrop will be joining its management team as CIO. "We are pleased to have Northrop join our team. He has an impeccable background and brings with him a strong skill set, which will create value for both our clients and our investors," said Jason C. Murgio, the firm's managing partner. "The Firm believes he will compliment our management team nicely." As former Director, Capital Syndications for The CIT Group he was responsible for the asset-based financing of "big ticket" capital items, including media, telecommunications, microelectronics, and leveraged buyout activities. Most recently he led syndication efforts on major vendor finance programs, including software, computer servers, and telecommunications systems. In his six years at CIT, Northrop directed thirty-five syndications totaling $585MM, with $8.4MM in fees earned and in 1998 he was Awarded Newcourt Gold Circle achievement award. Prior to The CIT Group, Johnston was the founder and president of Hampshire Capital, a boutique investment banking firm specializing in raising debt and equity capital for first and second stage venture companies. Within its first two years, the firm closed six transactions ranging from the sale of airline gate slot financing to first stage equity and lease origination. From 1988 until 1993, Northrop was vice president, syndications for GE Capital, where he managed origination of asset-based financing opportunities, determination of pricing and structures, and direct placement of securities. Prior to GE, Johnston was an assistant investment officer for the Teachers Insurance and Annuity Association of America and was responsible for credit analysis, negotiation, documentation, and presentations to the Finance Committee, closing 21 transactions totaling $450MM. Northrop began his career in 1976 at Manufactures Hanover Trust where he completed an 18-month formal credit-training program. "The Venture Credit business model is truly compelling," said Northrop." By focusing on middle market companies we serve a niche which many other financial institutions overlook. The ability of our management to identify both the financial and market strengths of potential clients allows us to help them grow and provides our limited partners with a lucrative investment tool." Additionally, Northrop joins Venture Credit's Investment Committee, comprised of Mr. Adler (VP) and the three founding partners. For more information, please visit http://www.VentureCredit.com. #### ########################################################### ----------------------------------------------------------------------------------- Watch Your Back On a "no name" basis, for obvious reasons: Re your Watch Your Back commentary, you should include Mellon US Leasing, a mere $2B+ asset acquisition by GE Capital last year. Mellon US Leasing, as you know, was the successor (via the Ford ownership) of United States Leasing International, Inc. (known as US Leasing), which basically originated the equipment leasing industry in the early 1950's. Courtesy of Mellon's sale of its leasing operations, the name who started equipment leasing in this country is now burned and buried on the GE Capital Pyre. Will GE's Rape, Pillage and Burn attack (see your quotes from Heller folk recently) end before there are any of us left? Does any of us know the "spot" on the Deathstar into which to place the missile? Where is Luke Skywalker when we need him? You may well have mentioned this last year before I tuned into you, in which case, please ignore it. ( name with held ) ( Yes, we have mentioned this, ever since we started the Leasing News list. Travis Fox quoted the UAEL Conference where Sudhir Amembal was keynote speaker: Watching
all of this GE Capital activity made me think of the UAEL Fall Conference
in Tucson (three years ago, or was it four?) You
were undoubtedly present as well at the luncheon, where Sudhir Amembal
as the Keynote speaker. The
topic was the future of the leasing industry, and among Mr. Amembal's
comments were that brokers that had been in the business for some
time would be selling out as an exit strategy, and there would be
a conglomeration of these smaller operations. The larger entities
that resulted would form alliances to get even better economies of
scale, etc... Then,
as a (half?) joke he stated "and they will all be bought by GE Capital". I
clearly recall the room breaking out in a chuckle at the joke, and
then stopping just as suddenly, and becoming very quiet for a moment
or two, before he continued on... Travis
Foxx travisfoxx@merchantcapital.net Complaint
About Leasing News Why do we continue to announce mergers, acquisitions, and the hiring of new employees on Leasing News? I've been in the industry over 7 years and have NEVER heard of 99% of these 5 man shops like Cypress Leasing. Who besides Mr. Rockhold cares that his name is spelled correctly? Butler Capital moves from New York to Maryland? I didn't even know they existed until this morning. Enough with bothering Kit about packing up the family and moving the home office to Cockeysville, Maryland. Lets stick to headlines, not address and employment changes. Keep up the great work Kit.
( anonymous ) ( Sorry, Rochhold is perfectly correct about his name, and the announcement of his company is quite appropriate in Leasing News, as well as a small company consolidating and moving to Maryland.. This a changing business where small companies get big, bigger companies get small, and musical chairs is common. We write not only for the “big guys”, but for everyone...meaning not just the president, vice-president, manager, but everyone who wants to grow in the leasing industry. The one man shop on up. Our role is to inform, to educate, to expose, and to entertain. Will try to keep up the work, and thank you for your opinion. editor ) Classified Ads---Up-Date—29 Ads Were Cut http://65.209.205.32/LeasingNews/JobPostingsWanted.htm We are now down to 21 ads, from a high of 52. We deleted 29 ads because the senders did not belong to a leasing association. Two of the original did join a leasing association ( one was a re-join ) and the count also changed because two companies had fulfilled their position ( one from us, the other said they found it helpful ). While we may have some leasing companies annoyed us, some were quite angry, our original purpose was to help individuals find work. Here is a response we just received. “Hi Kit, I'd like to request that you remove my ad from the leasing news. I just accepted a position this week with a leasing company. I would not have been given the opportunity if not for your classified section. I am very grateful. You are doing a great job.” Thank you. We have ten people looking for work at: http://65.209.205.32/LeasingNews/JobPostings.htm
For those annoyed that we now requirement membership in a leasing association to be in the “Help Wanted,” please go to the “job wanted” section. You may find the person you are looking for here. Kit Menkin, editor ### ##################################################### Western & Southern Financial Group Chooses ePlus To Lower Costs and Implement eBusiness Processes; Ohio-based Financial Services Company Improves eProcurement With Procure+
HERNDON, VaePlus, Inc., (Nasdaq:PLUS), a leading provider of business solutions and services, Wednesday announced that The Western & Southern Financial Group has completed implementation of Procure+ v6.5 to manage its procurement processes more efficiently and cut overall purchasing costs. The Western & Southern Financial Group chose Procure+ to manage its procurement processes throughout the Western & Southern group of diversified financial services companies, which together have more than $25 billion in owned and managed assets, and approximately 5,000 associates nationwide. "ePlus was the only company that could provide the comprehensive technology required to enable eProcurement and help us successfully manage all of our processes," said Herbert R. Brown, vice president, Western & Southern. "We are very pleased with the state-of-the-art Procure+ purchasing system, which is essential in facilitating our inventory management initiatives." Western & Southern, a recognized leader in consumer and business financial services, chose Procure+ to streamline its entire purchasing system and reduce administrative and purchasing costs. This technology will assist the company in achieving its goals of enhancing workflow and purchasing functions, providing tools to effectively manage supplier relationships, expanding e-commerce technology, and reporting capabilities. "We designed our technology solutions to be simple, practical and useful," said Ken Farber, President of ePlus Systems. "We are pleased that Western & Southern is realizing the benefits of utilizing a proven, mature software solution that provides immediate return on investment and reduces overall costs." With over 10 years of experience and sustained profitability, ePlus offers total business process automation through the seamless integration of products and services. ePlusSuite consistently helps clients achieve their goals by leveraging a combination of collaborative disciplines such as business and financial services, asset management, eProcurement, and IT Sales and Services. About Western & Southern Financial Group Founded in 1888, Western & Southern Financial Group is celebrating 112 years of providing superior service to policyholders. Western & Southern is also the parent company of a diversified financial services group, which includes Western-Southern Life Assurance Company, Columbus Life Insurance Company, The Integrity Companies, Touchstone Advisors, Fort Washington Investment Advisors, Todd Investment Advisors, Integrated Fund Services, Capital Analysts, and Eagle Realty Group. For more information about the Western & Southern Financial Group, visit its Web site at www.westernsouthern.com. About ePlus inc. A leading provider of Web-based e-procurement, asset management, financing, leasing, sourcing, and eContent technology and services, ePlus delivers comprehensive and high-value business solutions. The ePlusSuite of products and services, including Procure+, Manage+, Finance+, Service+, Content+, and ePlusMarket, helps businesses around the world dynamically streamline, improve and gain management control. ePlus solutions integrate and automate each aspect of the supply chain process: from requisition to approval, fulfillment, financing and asset management, delivering the highest return on investment. ePlus(TM), ePlusSuite(TM), Procure+(TM) , Manage+(TM) , Service+(TM), B14ZR(TM), OneSource(TM), OneReq(TM), CLG(TM) and MarketBuilder(TM) are trademarks of ePlus Inc. Finance+SM is a registered service mark of ePlus inc. ePlus JumpstartSM, and ePlus Content Framework(SM), are service marks applied for of ePlus. Founded in 1990, the company is headquartered in Herndon, VA and has more than 30 locations in the US. For more information, visit our website at www.eplus.com, call 800/827-5711 or email to info@eplus.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release which are not historical facts may be deemed to be "forward-looking statements". Actual and anticipated future results may vary due to certain risks and uncertainties, including, without limitation, general economic conditions; the possibility of defects in our products or catalog content data; our ability to hire and retain sufficient personnel; our ability to protect our intellectual property; the creditworthiness of our customers; our ability to raise capital and obtain non-recourse financing for our transactions; our ability to realize our investment in leased equipment; our ability to reserve adequately for credit losses; fluctuations in our operating results; our reliance on our management team; and other risks or uncertainties detailed in our Securities and Exchange Commission filings. CONTACT: ePlus inc., Herndon Lisa Savino, 631/775-1261 lsavino@eplus.com or Kley Parkhurst, 703/709-1924 kparkhurst@eplus.com #### ###################################################### ### ################################################# Willard Smith to Retire From Willis Lease Finance Board
SAUSALITO, Calif.--Willis Lease Finance Corporation (Nasdaq:WLFC) Wednesday announced the retirement of Willard H. Smith, Jr. from its Board of Directors. The company is currently in the final stages of choosing a replacement director. Mr. Smith has served on the Willis Lease Finance Board of Directors since his appointment in 1996 at the time of the Willis Lease Finance's initial public offering. "We have appreciated his guidance and support of the company over the last five years. We thank him for his service and the contributions he has made to our company and wish him well," said Charles F. Willis, President and CEO. "It has been a pleasure working with the team of professionals at Willis Lease Finance, and I am glad to have been able to help the company grow and prosper over the past five years," said Smith. Formerly, Mr. Smith served as the Managing Director of the Equity Capital Markets Division for Merrill Lynch Pierce Fenner & Smith. He has also served as a director for numerous other companies, mutual funds and real estate investment trusts. Willis Lease Finance Corporation provides leases of spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines. . CONTACT: Willis Lease Finance Corporation Donald A. Nunemaker, 415/331-5281 ### ################################################ Sonoma Valley Bank Selects BancLease Software Suite
SIKESTON, Mo.--
Leasing software helps banks retain customers Sonoma, California-based Sonoma Valley Bank announced the selection of BancLease, Inc.'s end-to-end leasing software suite to assist in establishing a leasing department in its two branches. BancLease is a leasing software and consulting service provider for community banks. First introduced to the market in 1993, the BancLease software provides banks with the ability to quote lease payments to its customers (and yields to the bank); to prepare all necessary leasing documents; print amortization schedules; and calculate after-tax yields; e-mail documents to branches capability; calculate irregular (flexible) payment leases plus a database for saving lease quotes. Complete installation of the BancLease software takes less than five minutes. Combined with training and consultation, the software adds the final component to truly becoming a full service bank: leasing capabilities. Prior to starting the leasing program, Sonoma Valley Bank considered itself a full service bank whose lending portfolio consisted of customer loans. "Occasionally we would bump into a situation where one of our commercial customers would acquire equipment through a leasing vendor down the road," Sonoma Valley Bank President Mel Switzer said. "It was evident that some of our customers did not want to make a loan for equipment; they wanted to lease it, and neighboring vendors gave our customers that opportunity. "In order to stay competitive, we began our own leasing program with the help of BancLease. Instead of sending our customers elsewhere for a lease agreement, we can serve them in-house. The main benefit to the leasing program is that it helps us retain our customers so they don't have to look to other entities for alternative financing methods. Through the leasing program, we have truly become a full service bank that provides our customers with financing options." "Sonoma Valley Bank is a first rate institution," said Britt McConnell, director of BancLease. "Leasing is a great way for them to offer even more options to their commercial customers. BancLease offers a comprehensive leasing solution to bankers, and were delighted to see this product put to work for Sonoma Valley Bank." Sonoma Valley Bank primarily leases equipment to local municipal and county departments and the winery industry. It leases everything from fire trucks to wine barrels. "We tend to lease expensive or unique equipment to our customers," Switzer said. "In our community we have volunteer fire departments that don't have extensive budgets for costly fire equipment. Leasing has been a way for us to help them acquire the equipment they desperately need to do their job." Five loan officers at Sonoma Valley Bank serve commercial customers through operating the leasing program. One officer is the primary expert and completes most of the commercial leases using the BancLease software, and the other four officers discuss financing options with customers who have questions about the leasing or loaning options. Several of the loan officers attended the BancLease training seminar before launching the leasing program. According to Switzer, "Leasing is a mysterious part of the lending world for loan officers, but BancLease does an excellent job of educating officers on how to manage a leasing department and removes the mystery." About Sonoma Valley Bank Sonoma Valley Bank, headquartered is Sonoma, California, was founded in 1988 and is Sonoma's only community-owned bank. As a full service bank with $150 million in assets, its mission is to provide customers with a special brand of service unmatched in the industry. Sonoma Valley Bank places great emphasis on maintaining a trusted and knowledgeable team of employees dedicated to delivering exceptional service using technology and a "personal touch." For more information on Sonoma Valley Bank, contact Mel Switzer at 707.935.3200 or mswitzer@sonomavlybnk.com. Visit its Web site at www.sonomavalleybank.com. About BancLease BancLease is a lease consulting service for bankers that was created by First Security State Bank in Charleston, Mo. in 1993. It was designed to help other community banks interested in developing an in-house leasing program. The program provides a turnkey solution that allows banks to lease equipment for commercial, agricultural, and municipal customers and includes software, operating manuals, sample policy, telephone support system, and on-site sales training. Today, more than 190 banks in 34 different states are using the BancLease program for leasing. For more information about the BancLease solution, contact Britt McConnell at 800.530.5327 or write P.O. Box 1526, Sikeston, MO 63801. Visit its Web site at www.banclease.com. CONTACT: BancLease Britt McConnell, 800/530-5327 bmcconnell@fssb.com or Media Contact for BancLease Katie Hogan, 678/781-7225 ### ############################################# ########################### De Lage Landen's global partnerships, portfolio assets and profits continue to grow EINDHOVEN, The Netherlands-- In 2001, De Lage Landen International B.V. grew its profits from €54 million (US$49.8 million) over the previous year to €92.2 million (US$82.4 million), according to preliminary figures.
This considerable increase is due, in part, to a restructuring of debt into equity as of December 29, 2000. Excluding this debt restructuring, profits grew by a healthy 23 percent. At the same time, the company’s portfolio grew to €10.6 billion (US$9.4 billion), an increase of €1.6 billion (US$1.4 billion) over fiscal year 2000. All three divisions, Americas, Europe and Netherlands, contributed to these results. During 2001, De Lage Landen continued to expand its international presence to offer financing solutions in 17 countries throughout Europe and the Americas. In the Netherlands, excellent cooperation with local Rabobanks was a key success factor and resulted in expansion of the company’s market share in all its industry segments. New partners include John Deere (agriculture), Xerox (copiers), Océ (copiers), Landis ICT Group (technology), Nissan Forklift North America (materials handling) and Applied Biosystems (healthcare) – all major players within their respective industries. Looking to the year ahead, De Lage Landen believes that the current economic climate will provide even further opportunities for expansion of its client base. Uncertain times require companies to take a closer look at their operations and to outsource those not considered to be core. In addition, companies increasingly are demanding total solutions to support their product sales. De Lage Landen’s in-depth industry knowledge, its innovative asset inancing products and continued strong focus on new e-commerce capabilities can offer this support on a global basis. De Lage Landen International B.V., headquartered in Eindhoven, Netherlands and a subsidiary of the AAA-rated Dutch Rabobank Group, is an international provider of high-quality asset financing products. Internationally, De Lage Landen focuses on Vendor Finance and strategically enters into partnerships with manufacturers and distributors of capital equipment in the Food & Agriculture, Healthcare, Office Equipment, Technology Finance, Telecommunications, Materials Handling & Construction and Transportation Equipment industries. In the U.S., De Lage Landen provides private label leasing programs for the Banking industry. In the Netherlands, De Lage Landen offers a broad array of leasing and trade financing products through local Rabobanks and directly to the market. These products include Equipment Leasing, Real Estate Leasing, Car Leasing, Commercial Vehicle Leasing, IT Leasing and Trade Finance. De Lage Landen provides both standard lease contracts and manages lease products requiring specialized industry and product knowledge. For more information, visit our Web site at www.delagelanden.com.
Sites of Reference: http://www.delagelanden.com CONTACT: Marc Donahue De Lage Landen Financial Services Phone Number: 610 386 5030 Fax Number: 610 386 5038 E-mail: mdonahue@leasedirect.com ( courtesy of ELAonline.com ) ### ################################################################ www.leasingnews.org
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