Wells Fargo & Company announced the extension of its joint venture vendor financing relationship with Hyster-Yale Group through 2023.

Hyster-Yale Group, operated as Hyster-Yale Group Financial Services, Inc., is a global, lift truck manufacturer with annual sales exceeding $3 billion. The company sells and distributes equipment primarily through its extensive networks of Hyster and Yale dealers.

The joint venture with Wells Fargo provides financing for all Hyster-Yale Group brands, including inventory and rental financing, as well as commercial leases and loans for dealers and customers in North America. In addition, Wells Fargo Vendor Financial Services provides sales, technology, training and marketing support, helping the Hyster-Yale sales and finance teams manage their relationships more effectively and efficiently.

“Wells Fargo has proven it can deliver competitive financing solutions and cutting-edge technology to our broad network of dealers and their customers to help them succeed financially,” said Ken Schilling, chief financial officer of Hyster-Yale Group. “As we look to grow market share, Wells Fargo plays a key role in our strategy.”
 
Wells Fargo acquired the nearly 30-year relationship with the Cleveland-based lift truck manufacturer in 2016 with the purchase of GE Capital’s vendor finance businesses in the United States and Canada.

Hyster-Vale last month--when it reported its third-quarter 2018 results--detailed some additional details about the joint venture: “In September 2018, the Company and Wells Fargo Financial Leasing, Inc. extended their vendor-financing relationship, which operates HYG Financial Services, Inc. (HYGFS), an entity owned 20 percent by Hyster-Yale and 80 percent by Wells Fargo through 2023. The joint venture with Wells Fargo provides financing in the United States for all Hyster-Yale brands, including inventory and rental financing, as well as commercial leases and loans.”

“It’s a huge vote of confidence to Wells Fargo and the entire team that supports Hyster-Yale,” said Jim Kelly, head of Wells Fargo Vendor Financial Services. “We are building upon decades of trust and have invested time, resources, and funds to better our capabilities. We are proud and honored they recognize the value and extended the relationship.”