Textron Financial and Forest River Announce
Exclusive Relationship
Providence, RI – November 20,
2006 – Textron
Financial Corporation, a Textron Inc. (NYSE: TXT) company, and
Forest River, Inc. announce the formation of Forest River Financial
Services - Dealer Finance, a division of Forest River. This new
division will serve as the wholesale inventory financing unit
of Forest River Financial Services.
Textron Financial, through Forest River Financial Services – Dealer
Finance, will provide Forest River dealers with dedicated lines
of credit with highly competitive rates and terms. Forest River
dealers will receive a high level of customer service as a result
of dedicated personnel, simplified procedures and a dealer-friendly
online inventory management system. Forest River Financial Services – Dealer
Finance will serve all Forest River dealers and cover all Forest
River RV, trailer and marine products throughout the U.S. and
Canada.
"Forest River is committed to partnering with our dealers in
significant ways to make them the most profitable, best managed
and financially strongest dealers in our markets," said Pete
Liegl, president of Forest River. "I am excited about the potential
of our relationship with Textron Financial because of their commitment
to outstanding service and their ability to offer competitive
rates to our entire dealer base."
The financing program immediately available through Forest River
Financial Services – Dealer Finance has been designed to
dramatically and permanently reduce Forest River dealers' floor
plan interest expenses and increase dealer sales of Forest River
products. Forest River dealers will receive a quarterly interest
rebate check for all Forest River products financed through Forest
River Financial Services – Dealer Finance that are retail
sold within 90 days. Liegl added, "With this innovative program,
we are providing a significant financial incentive for our dealers
to do what they should already be doing – that is to
buy the right products for their market, price them properly
and sell them within 90 days."
The financing program is administered within a dedicated unit
of Textron Financial located in Alpharetta, Georgia. "The culture
and values of our two companies are very similar, so working
together to develop this exclusive relationship has been a great
experience," said Dan Radley, president of Textron Financial's
Private Brands Division.
About Forest River, Inc.
Forest River, Inc. is a leading U.S. manufacturer of recreation
vehicles (RVs), utility trailers, mid-size buses, commercial
vehicles and structures, pontoon boats and manufactured houses.
The Company's principal market is the United States and Canada
through an independent dealer network. The Company has manufacturing
facilities in Indiana, Michigan, Georgia, Texas, California and
Oregon. Founded in 1996, the company is part of Berkshire Hathaway,
Inc. (NYSE: BRK.A and BRK.B). More information is available at www.forestriverinc.com.
About Forest River Financial Services
Forest River Financial Services was formed in 2006 to identify
and develop unique service offerings to improve the profitability
and overall performance of Forest River's dealers.
About Textron Financial Corporation
Textron Financial is a diversified commercial finance company
with $9 Billion in managed and serviced finance receivables.
It has core businesses in Aviation Finance, Asset-Based Lending,
Distribution Finance, Golf Finance, Resort Finance, and Structured
Capital. Textron Financial also provides financing programs for
products manufactured by its parent company, Textron Inc. Additional
information about the company is available at www.textronfinancial.com.
About Textron Inc.
Textron Inc. (NYSE: TXT) is a $10 billion multi-industry company
with 44,000 employees in 40 countries. The company leverages its
global network of aircraft, industrial and finance businesses
to provide customers with innovative solutions and services. Textron
is known around the world for its powerful brands such as Bell
Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming, E-Z-GO
and Greenlee, among others. More information is available at www.textron.com.