PROVIDENCE – Textron Financial Corp., a subsidiary of Textron Inc. (NYSE: TXT), today announced that its Systran Financial Services division has been renamed the Commercial Finance Division.
“The name may be new, but in fact it better reflects the current state of our business,” said Robert Wagner, senior vice president and general manager of Commercial Finance.
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“Systran was created to purchase receivables specifically from transportation companies,” he explained. “Since then, we have expanded our industry focus and brought an asset-based lending product to market. Operating under the Commercial Finance name, we can now convey the true scope of our product offerings and expertise to our customers, employees and industry.”
After more than 20 years of expansion, the company now provides small-cap and mid-sized companies in the transportation, staffing and other industries with financing packages of up to $5 million, or $15 million for transportation customers.
“Our customers recognize that we are focusing on a broader range of industries, completing larger transactions and … have outgrown the Systran name,” added Textron Financial President Jay Carter. “This same growth has also made us one of the largest purchasers of receivables in the United States.”
Textron Financial Corp. is a diversified commercial finance company with $10 billion in managed receivables. Its core businesses include 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. (NYSE: TXT). To learn more, visit www.textronfinancial.com.
