Message #134 From:
Stock News Bot Date: January 17, 2007 06:00:00 AM
SI News Siemens Financial Services and First Capital Announce Formation of Joint Venture
ISELIN, N.J. & WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Siemens Financial Services, Inc. (SFS), the U.S. financial services arm
of Siemens AG, today announced the recent formation of Siemens First
Capital Commercial Finance, LLC (Siemens First Capital), a joint venture
between SFS and First Capital, a leading financial services firm
headquartered in West Palm Beach, Fla. The goal of the joint venture is
to further develop both companies’ working
capital and accounts receivable financing businesses by offering
market-leading solutions to customers in the domestic and Asian markets.
Siemens First Capital, with offices in New York and several other
locations in the U.S., will focus on cross-border asset-based financing
between $20 million and $200 million by managing the collections and
non-payment risk for Asian clients shipping goods into the U.S.
“The joint venture will enable us to
strengthen our U.S. customer relationships by expanding our accounts
receivable and working capital financing capabilities domestically while
broadening our presence in the Asian market, namely China,”
Roland Chalons-Browne, President and CEO of SFS, Inc. said. Peter Rek,
Global Head of SFS’ Working Capital division,
added, “Siemens First Capital will allow us to
further develop our global commercial finance offering by leveraging
First Capital’s proven track record of success
in China.”
“This arrangement allows us to offer a winning
combination to our customers, bringing together the financial strength
of Siemens and its global reach along with the prompt, professional and
reliable service that First Capital is known for,”
said Mark Sunshine, CEO of Siemens First Capital. “We
believe that this joining of superior service and balance sheet capacity
will make Siemens First Capital the financial partner of choice for our
discerning clients.”
“We are proud to be entering into this
agreement with Siemens,” John Kiefer, First
Capital’s President and CEO said. “Through
this new entity, we will be able to offer more customers a complete
suite of working capital and accounts receivable financing solutions
while building upon SFS’ and First Capital’s
commitment to excellence.”
About First Capital
First Capital is a leading financial services firm providing prompt,
professional and reliable working capital solutions for middle market
companies and institutions. Founded in 1987, the firm focuses on
Traditional Factoring, Asset-Based Lending and Discount Factoring for
clients in North America and Asia with financing needs from $35,000 to
$250 million. The firm also manages asset portfolios for clients and is
an active issuer of receivables-backed securities. Combining a unique
blend of old and new banking methods, First Capital provides clients
with the proper support needed to grow and maintain their business.
Based out of West Palm Beach, Florida, the firm has six full service
offices in major cities including New York, Los Angeles, Ft. Lauderdale,
Oklahoma City and Atlanta and a subsidiary that is headquartered in Hong
Kong.
About Siemens Financial Services
With some 1,700 employees and an international network of financial
companies coordinated by Siemens Financial Services GmbH, Munich, the
Siemens Financial Services Group offers a broad range of financial
services. This covers activities from sales and investment financing to
treasury services, fund management and insurance brokerage. The group's
key customers are internationally active industrial and services
companies, as well as public-sector operators. The group supervises 22
leasing companies worldwide. Further information: www.siemens.com/sfs.
Siemens Financial Services, Inc. (SFS) is a leading provider of
business-to-business financial services and is one of Siemens' operating
companies in the United States. SFS helps businesses increase
productivity, improve cash flow and acquire the latest technology by
providing customized solutions that range from equipment financing to
working capital solutions. With U.S. headquarters in Iselin, N.J., SFS
employs more than 250 industry experts who specialize in tailoring
solutions for thousands of premier businesses. Further information on
Siemens Financial Services in the United States: www.usa.siemens.com/financial.
About Siemens
Siemens AG (NYSE:SI) is one of the largest global electronics and
engineering companies with reported worldwide sales of 87.325 EUR
billion in fiscal 2006. Founded nearly 160 years ago, the company is a
leader in the areas of Medical, Power, Automation and Control,
Transportation, Information and Communications, Lighting, Building
Technologies, Water Technologies and Services and Home Appliances. With
its U.S. corporate headquarters in New York City, Siemens in the USA has
sales of 17.388 EUR billion and employs approximately 67,000 people
throughout all 50 states and Puerto Rico. Eleven of Siemens' worldwide
businesses are based in the United States. With its global headquarters
in Munich, Siemens AG and its subsidiaries employ 475,000 people in 190
countries. For more information on Siemens in the United States: www.usa.siemens.com.
