CHICAGO, March 21, 2017 – Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company (NYSE: WFC), announced today it has extended an exclusive dealer financing program with Whirlpool Corporation (“Whirlpool”), an American corporation that globally manufactures and markets home appliances. Through the CDF program, Whirlpool offers independent retailers across North America access to longer terms to help support their businesses with inventory financing solutions.
“Whirlpool is an iconic American brand that focuses on providing strong quality products for its customers and we feel fortunate to be able to continue to support their business,” said Jim Morphey, vice president, corporate development, CDF. “The CDF program focuses on the needs of the independent retailer and this would not be possible without the strong support from market leaders like Whirlpool,” added Chad Lyon, managing director, CDF.
Based in Benton Harbor, Michigan, Whirlpool is the world’s leading global manufacturer and marketer of major home appliances. This exclusive deal is an extension of a business relationship dating back to 1957. Lasting over 60 years, this program has had four prior exclusive renewals since 1997 in its support of Whirlpool dealers and customers.
“The CDF team has been a great resource for us providing critical funding to our trade customers as well as delivering leadership that helps our dealers improve their businesses,” said Sam Abdelnour, vice president sales, North America Whirlpool. “Our trade customers are our top priority, and CDF’s financing solutions help us continue to grow these important relationships.”
About Wells Fargo Commercial Distribution Finance
Wells Fargo Commercial Distribution Finance (CDF) provided $46 billion in financing for more than 33,000 dealers and more than 1,400 distributors and manufacturers globally in 2016. Wells Fargo CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. The sale of the global business was completed as part of a phased approach on October 1, 2016. For more information, visit wellsfargo.com/cdf or follow company news via Twitter @WellsFargoCDF.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.