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Key Equipment Finance Signs Multi-year Agreement with Canadian Bank and Acquires Lease Portfolio
SUPERIOR, Colo., USA – February 11, 2003 – Key Equipment Finance, one of the nation’s largest bank-affiliated equipment financing companies and an affiliate of KeyCorp (NYSE: KEY), today announced that it has been selected by Electro Scientific Industries, Inc. (NASDAQ: ESIO) to provide financing options to its end-user customers worldwide.
The relationship with Key Equipment Finance will allow Electro Scientific Industries (ESI), a supplier of high-value, high technology manufacturing equipment, to leverage the Key Equipment Finance field organization in North America, Europe and Asia Pacific to provide a complete financing package to end-user customers. The benefits of a co-branded leasing program for ESI end-user customers include one-stop-shopping and financing, tax benefits and equipment upgrade flexibility.
ESI customers will receive fast, accurate information about their financing options, even pre-qualifying for a lease on the spot in certain circumstances. In addition to enhancing customer options, ESI’s decision to offer lease financing may potentially provide benefits including increased sales and better control of equipment in the aftermarket.
“We are committed to providing the best solutions for our customers, and the right financing package is an important component of that,” said Lisa Holtz, treasurer of ESI. “Key Equipment Finance will be a strong financial ally that enables us to return quick financing decisions to our customers as well as accelerate our cash flow cycle.
“ESI is committed to the service it provides customers and recognizes the importance of financing as part of that service,” said Karen Larson, president and chief operating officer of Key Equipment Finance’s global vendor services unit. “We expect ESI will experience increased customer satisfaction as a result of implementing a formal, unified global financing program with their clients’ budgets in mind.”
About ESI
ESI, headquartered in Portland, Oregon, supplies high-value, high technology manufacturing equipment to the global electronics market. Using its expertise in laser/material interaction, small parts handling, machine vision and real-time control systems, the company enables the production of leading-edge products for customers in the semiconductor, passive component and electronic interconnect markets. More information on ESI can be obtained on their web site, esi.com.
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 outside Boulder, Colorado, Key Equipment Finance oversees an $8 billion equipment portfolio with annual originations of approximately $3 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; London, England; and Sydney, Australia. The company, which operates in 26 countries and employs more than 600 people worldwide, has been in the equipment financing business for nearly 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com.
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $85 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 nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides account access and financial products 24 hours a day.
Forward Looking Statements
Statements in this press release may include forward looking statements that involve a number of risks and uncertainties that could cause actual results to materially differ, either better or worse, from those discussed, including volatility in the electronic equipment market and competitive pressures on sales terms for customers. Such risks and uncertainties are numerous and are identified in more detail in ESI's Annual Report on Form 10-K and interim reports on Form 10-Q.
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