Cummins,CitiCapital Launch Alliance for Finance

Monday, August 27, 2001
Cummins Inc. and CitiCapital have reached an agreement to promote a co-sponsored marine finance program. Under the agreement customers who purchase Cummins engines for various commercial vessels will receive exclusive finance products provided by CitiCapital. This agreement demonstrates the cooperative efforts of both companies by bringing together the premier manufacturer of marine engines and the world's largest financial services conglomerate. The agreement will initially cover the U.S. and Canada with expectations to rollout worldwide "Financing solutions are critical with any marine projects, whether it's a new vessel or a major repower. Cummins Marine customers deserve the very best in products and services. We are very pleased to now offer CitiCapital's considerable strength and marine experience to Cummins Marine customers," said Dennis Spriggs, Financing Marketing Manager for Cummins, Inc. "By bundling power and financial solutions, the end user customer gets better overall service than they would if they sourced the separate parts of the transaction individually. The alliance between Cummins and CitiCapital will save customers time, provide a high level of quality and service and potentially money by taking advantage of this powerful alliance," said Joe Pitch, Vice President of CitiCapital's marine operation. CitiCapital will provide dedicated marketing and sales support to Cummins Marine distributors located in the United States and Canada. The goal of the program is to provide marine financing solutions to customers who select Cummins marine engines to power their commercial vessels. Based in Charleston, S.C., Cummins Marine is responsible for designing, manufacturing and sales and customer support worldwide for marine engines and generators 76 to 2,000 horsepower (57 - 1492 kilowatts). Onan brand marine generator sets ranging from 4 to 95 kW, are designed and manufactured by Cummins Power Generation in Minneapolis, MN. CitiCapital, with a current global portfolio of $35 billion, is among the largest U.S.-based commercial finance businesses, reaching more than 500,000 customers throughout the world. CitiCapital is a market leader in truck, construction, material handling, healthcare and office equipment finance, as well as franchise and municipal finance, fleet and relocation management services. CitiCapital is a subsidiary of Citigroup.
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