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Key Equipment Finance and PFE International Simplify the Acquisition of Mailing Tools
SUPERIOR, Colo. – September 10, 2002– PFE International, a world-leader in mailroom technology, is now providing financing options to its end-user customers in the United States through a new relationship with Key Equipment Finance (KEF), the nation’s sixth largest bank affiliated equipment lessor and an affiliate of KeyCorp (NYSE: KEY).
For end-user customers in the U.S. – where PFE sells 60 percent of its products – the leasing options provided by Key Equipment Finance will allow for one-stop shopping and financing, tax benefits, equipment upgrade flexibility and better asset management, in addition to a lower cost of acquisition, often with nothing down.
“First and foremost, our goal is to provide a total solution for our customers, and in most cases, part of completing that package involves addressing financing,” said Richard George, president of PFE International. “Through our agreement with Key Equipment Finance, we will be able to return a financing decision to our customers in as little as a few minutes, and have the potential to save them a significant amount of money as well as the time it would take to obtain outside financing.” “The influence and flexibility that results from including a business partner in servicing our customers is powerful and invaluable,” concluded Mr. George.
In addition to enhancing customer options, PFE’s decision to offer lease financing may potentially provide benefits including increased sales, better control of equipment in the aftermarket and greater earnings by reducing the amount of time between when a sale closes and when PFE receives payment. “Financing is essential to any manufacturer looking to provide a full-range of services and we expect PFE will chart increased satisfaction from its customers, not only for having the world’s best selection of mailing equipment, but also for addressing clients’ needs with their budgets in mind,” said Paul A. Larkins, president and chief executive officer of Key Equipment Finance.
About PFE International
A wholly owned British Company, PFE has recently celebrated 35 years of innovative product design and manufacturing. The company’s products automate manual mailing processes, providing productivity and efficiency gains. The innovative range of products is continuously being updated, improved and broadened to encompass the growing market for document handling and output-management system solutions.
About Key Equipment Finance
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets:
- businesses of all sizes in the U.S. and Canada (from small business to large corporate);
- equipment manufacturers, distributors and value-added resellers worldwide;
- federal, provincial, state and local governments as well as other public sector organizations; and
- lease advisory services for manufacturers’ captive leasing and finance companies.
Headquartered near Boulder, Colo., Key Equipment Finance has been in the equipment finance business for nearly 30 years and has a presence in 26 countries, with major operations in Albany, London, Toronto, and Sydney. The company employs more than 600 people worldwide and manages an $8 billion equipment portfolio with annual originations of nearly $3 billion. Additional information is available at KEFonline.com.
About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $83 billion. Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com, that provides account access and financial products 24 hours a day.
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