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StorageTek, Key Equipment Finance Renew Leasing Partnership
Superior, Colo. – July 13, 2004 – Key Equipment Finance, the nation’s fourth-largest bank-held equipment leasing company and an affiliate of KeyCorp (NYSE: KEY), announced that it has renewed a long-standing program agreement with StorageTek (NYSE: STK), a global leader in information lifecycle management solutions. Under the agreement, which has been in place since 1996, Key Equipment Finance will continue to provide StorageTek customers with equipment financing under the name StorageTek Financial Services Corporation.
As StorageTek’s primary customer finance partner, Key Equipment Finance will provide lease-financing options to StorageTek customers worldwide. By offering an in-house customer finance solution, StorageTek provides business customers with convenient and customized financing, tax benefits, upgrade flexibility and improved asset management.
“Implementing an end user finance program is one of the factors that has helped StorageTek increase sales, improve cash flow and strengthen the balance sheet. The program has enabled us to deepen customer relationships as well,” said Robert Kocol, chief financial officer, StorageTek. “The experts at Key Equipment Finance are knowledgeable, dedicated and know our business inside and out. The success of our finance program is due in large part to their commitment to our partnership.”
Equipment manufacturers that provide their customers with a finance option often realize accelerated sales productivity, improved profitability and enhanced account control. Additionally, manufacturers that offer financing and leasing as part of the complete solution often report increased customer satisfaction and better control of equipment in the aftermarket.
“StorageTek is committed to providing a complete life-cycle storage solution to its customers, and has experienced first-hand the value of a finance offering as part of the total customer solution,” said Karen Larson, president and chief operating officer of Key Equipment Finance’s global vendor services unit. “We are proud to partner with a global leader such as StorageTek, and look forward to continuing this mutually beneficial partnership.”
About StorageTek
StorageTek is a $2 billion global company that enables businesses, through its information lifecycle management strategy, to align the cost of storage with the value of information. The company's innovative storage solutions manage the complexity and growth of information, lower costs, improve efficiency and protect investments. For more information, see www.storagetek.com, or call 1.800.786.7835.
TRADEMARKS: StorageTek and the StorageTek logo are registered trademarks of Storage Technology Corporation. Other names mentioned may be trademarks of Storage Technology Corporation or other vendors/manufacturers.
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 manages a $10 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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