Textron Financial Announces Divisional Name Change
Systran Financial renamed Commercial Finance Division
Textron Financial Corporation, a subsidiary of Textron Inc. (NYSE: TXT), announced today the renaming of Systran Financial Services as the Commercial Finance Division. Commercial Finance continues to be part of the company’s asset-based lending business and operates out of Lake Oswego, Oregon.
Robert Wagner, senior vice president and general manager of Commercial Finance, said, “The name may be new, but in fact it better reflects the current state of our business. Systran was created to purchase receivables specifically from transportation companies. 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.”
Jay Carter, president of Textron Financial, said, “Our customers recognize that we are focusing on a broader range of industries, completing larger transactions, and as a result have outgrown the Systran name. This same growth has also made us one of the largest purchasers of receivables in the United States. Commercial Finance will continue building upon its transportation roots while providing financial solutions to a diverse portfolio of companies.”
For more than 20 years, Commercial Finance has been expanding service across a broad range of mid-sized and small-cap companies, with particular expertise in the transportation and staffing industries. Product offerings include both asset-based lending and receivables purchasing, allowing the division to tailor financing packages to the specific needs of every customer.
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