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SUPERIOR, Colo. – April 28, 2004 – Key Equipment Finance, one of the nation’s largest bank-affiliated equipment leasing companies and an affiliate of KeyCorp (NYSE: KEY) has announced that it has acquired a $35 million equipment leasing portfolio from Océ Financial Services, Inc., the North American captive leasing subsidiary of Océ, a global leader in digital document management and delivery solutions. Additionally, Key Equipment Finance has been selected by Océ as one of three primary financing partners to help support their ongoing equipment leasing program.
The relationship with Key Equipment Finance provides Océ a high degree of flexibility in managing the financing of the lease obligations of its captive leasing company. “We believe equipment financing options are an important facet of providing our customers a total solution,” said Stewart Schulein, president of Océ Financial Services, Inc. “Key Equipment Finance is a leader in the equipment leasing industry, and it’s clear that their people are committed to helping us meet the needs of our customers.”
By partnering with Key Equipment Finance, Océ can submit customer lease applications online and secure a credit decision in minutes. In addition to this added convenience, the program helps improve Océ’s cash flow and optimize its revenue recognition.
“Océ takes great pride in the products and services it offers and recognizes the importance of a lease option as part of the customer service package,” said Karen Larson, president and COO of Key Equipment Finance’s global vendor services unit. “We are looking forward to utilizing our global financing expertise and our broad product scope to support the needs of Océ and its customers.”
About Océ
Océ is a leading supplier of digital document management and delivery technology. Océ's solutions are based on advanced software applications that deliver documents and data over internal networks and the Internet to printing devices and archives locally and around the world. Supporting the workflow solutions are Océ digital printers and scanners, considered the most reliable and productive in the world. Océ also offers a range of display graphics, consulting and outsourcing solutions. Based in the Netherlands, Océ N.V. maintains research and manufacturing centers in the Netherlands, the United States, Germany, France, Belgium, the Czech Republic and Japan. Océ's North American headquarters are located in Chicago, Illinois. North American revenues were $1.2 billion for fiscal 2003. For more information about Océ, visit www.oceusa.com. Outside the U.S., consult www.oce.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 a $9 billion equipment portfolio with annual originations of approximately $3.9 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 24 countries and employs more than 600 people worldwide, has been in the equipment financing business for over 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $84 billion. Key companies provide investment management, retail and commercial banking, 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,® that provides account access and financial products 24 hours a day.
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