CHICAGO, August 30, 2016 – Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company (NYSE: WFC), announced today it has extended its dealer financing program with LS Tractor USA LLC, a leading manufacturer of tractor equipment. The financing program, which was first signed in 2009, allows LS Tractor to continue to expand its dealer distribution network in the U.S. and Canada.
Based in Battleboro, North Carolina LS Tractor and its parent company, LS Mtron, manufacture compact and utility tractors as well as various machine attachments. LS Mtron has sold more than 40,000 tractors in North America over the past 35 years. The two are member companies of the LS Group, one of the largest corporations in South Korea with annual sales of $30 billion.
“Wells Fargo CDF’s expertise in the agricultural industry and reliability in execution allows us to plan for the long-term growth of our business,” said Derek Johannes, CEO of LS Tractor. “This program extension is a key element of our continued success.”
“Having a strong financial partner is a cornerstone for any business. The ease of doing business coupled with CDF’s easy-to-access knowledgebase has been vital over the past seven years,” added Craig O’Brien, customer relations manager at LS Tractor. “Our vision and strategy mirrors the core pillars of CDF – embracing deep and enduring relationships and strengthening that based on customer needs.”
“We’re excited to continue our relationship with LS Tractor as they look to expand in North America and beyond,” said Mike Horak, president of CDF’s outdoor products group. “We’re looking forward to leveraging our global capabilities to expand a business that has enjoyed immense success in the U.S. and Canada.”
About Wells Fargo Commercial Distribution Finance
Commercial Distribution Finance (CDF) provided $47 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. 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. The sale will be completed as a phased approach with the remainder of the business closing globally in 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.
About LS Tractor
LS Tractor USA, established in 2009, is one of the fastest growing agricultural tractor companies in North America. Its success is attributable to its high quality, high value 25HP-97HP compact and utility tractors, as well as its unmatched commitment to delivering exceptional customer satisfaction and service, which helped it to earn the EDA dealer’s choice Award in the tractor category for the second consecutive year.
It is a wholly owned subsidiary of LS Mtron, a member company of the LS Group, one of the largest companies in South Korea with annual revenue exceeding $30 billion.