GE Consumer Finance and Hearth & Home Technologies Launch National Inventory Finance Program; GE Distribution Finance Unit Signs Five-year Agreement

Business Wire, Feb 27, 2003

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 27, 2003

Hearth & Home Technologies and GE Distribution Finance, a unit of GE Consumer Finance, recently signed a five-year agreement to provide a national Inventory Finance Program, offering Hearth Distributors and Resellers revolving credit and display financing. The new program is being launched March 5, 2003, at the National Hearth, Patio & Barbecue (HPBA) show in Nashville, Tenn.

Approved businesses can receive interest free extended-term financing for inventory purchases, allowing resellers to maximize growth opportunities while minimizing the impact on cash flow. In addition, qualifying Hearth customers will have the ability to finance showroom display products for a period of 24 months with flexible repayment options. Hearth & Home Technologies, a wholly owned subsidiary of HON INDUSTRIES, expects the program launch to be completed by May 2003.

"The program is particularly valuable because it enables growing businesses to stock more of the best selling and most profitable products without impacting their cash flow," said Chris Little, vice president and general manager of GE Distribution Finance. "We are pleased to have this opportunity to build a relationship with Hearth & Home Technologies and help the company and its customers grow."

Other key benefits of the program include an additional 30 days of interest free financing for orders placed before May 31, 2003, a stove dating financing program, which allows flexible repayment terms based on seasonality of the product, as well as working capital financing for Hearth Distributors and Resellers at competitive rates.

"Our customer base includes independent distributors and dealers serving the new home construction and dealer channels," said Dan Shimek, President of Hearth & Home Technologies. "We are excited about the ability to offer this new financial services program to all of our customers, who will benefit from the flexibility it provides them in seeking opportunities for growth. We pride ourselves on being an innovative company, with regard to our both our products and services - as demonstrated by this new program."

Based in Lakeville, Minn., Hearth & Home Technologies is the leading manufacturer and provider of hearth products and related accessories in the U.S. Its flagship brands include Heatilator, Heat-N-Glo and QuadraFire.

GE Distribution Finance, based in Jacksonville, Fla., is operated by GE Consumer Finance, and provides private label credit card programs, commercial credit programs, inventory finance, marketing, installment lending and financial services for national and regional clients.

"The success of GE Distribution Finance is a terrific growth story," said Mark Begor, president and CEO of GE Consumer Finance-Americas. "This unit is uniquely positioned to support growing commercial clients and a valuable complement to our strong portfolio of private label clients."

GE Consumer Finance, a unit of General Electric Company, with $77 billion in assets, is a leading provider of credit services to consumers, retailers, and auto dealers in 35 countries around the world. GE Consumer Finance, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, inventory financing, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. General Electric Company is a diversified services, technology and manufacturing company with operations worldwide. More information about General Electric Company can be found online at www.ge.com.