Wells Fargo Extends Long-standing Financing Relationship with Doosan Businesses

BOSTON – Wells Fargo & Company (NYSE: WFC) today announced the extension of its vendor financing relationship with Doosan and its businesses – including Bobcat Company, the compact machinery maker and distributor – through December 2023.

Doosan’s recent agreement with Wells Fargo Vendor Financial Services strengthens its financing program and provides competitive, comprehensive financing solutions for hundreds of dealers and thousands of their customers across the United States and Canada. The announcement comes as a number of Doosan and Bobcat dealers gather in Washington, D.C. this month for the 10^th annual Dealer Forum, sponsored by Wells Fargo.

“This program is built on strong track record of providing customer-centric products and services as well as technology-driven solutions to get more deals done faster and with ease,” said Jim Kelly, head of Wells Fargo Vendor Financial Services. “We are honored Doosan sees our value and trusts us to deliver for them as well as their network of Doosan and Bobcat dealers across the U.S. and Canada.”

Wells Fargo acquired the Doosan and Bobcat relationship in 2016 through its purchase of GE Capital which had financed equipment for West Fargo, N.D.-based Bobcat Co. since 1969. The relationship expanded to include financing for Doosan-branded construction equipment in 2012.

"Wells Fargo has proven it can deliver competitive financing solutions and cutting-edge technology to Doosan, our broad network of dealers and their customers to help them succeed financially,” said Ed Hetherington, president of Doosan Infracore Financial Solutions. "As we look to retain and grow market share, Wells Fargo plays a key role in our strategy."

About Wells Fargo Vendor Financial Services

Wells Fargo Vendor Financial Services helps manufacturers, dealers, and distributors manage their equipment inventory, enhance sales opportunities, and serve their customers through a full range of financing programs designed for their specific business needs. From referral services and wholesale solutions to integrated and customized programs, Wells Fargo Vendor Financial Services’ experienced team and value-add tools help customers succeed. Wells Fargo Vendor Financial Services is the trade name used by Wells Fargo Bank, N.A. and certain of its subsidiaries that provide financing and programs for manufacturers, dealers and other vendors of equipment and inventory and their customers. Equipment financing transactions are provided in Canada by Wells Fargo Equipment Finance Company.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,600 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

About Bobcat Company

Bobcat Company, headquartered in West Fargo, North Dakota, is a worldwide leader in the manufacturing and distribution of compact equipment. Bobcat^® compact equipment includes skid-steer, all-wheel steer and compact track loaders; compact excavators; mini track loaders; VersaHANDLER^® telescopic tool carriers; utility vehicles; Toolcat™ utility work machines and attachments. Bobcat is a global brand with more than 550 dealer locations in North America and the leader in compact equipment — the industry’s original innovator, beginning more than 50 years ago with the first compact machine and predecessor to the skid-steer loader. Bobcat is a business of Doosan Bobcat North America. For more information on Bobcat products, visit Bobcat.com.

About Doosan Bobcat Inc.

Doosan Bobcat Inc. is a global strategic and business alliance of Doosan Infracore Co. Ltd. (“Doosan Infracore”) and its affiliates, employing over 40,000 people in 38 countries worldwide. The entity represents world-renowned brands including Bobcat^® compact equipment, Doosan Portable Power products and Geith attachments. These Doosan companies are industry leaders in the engineering, manufacturing and marketing of compact construction equipment, generators, air compressors, lighting systems, light compaction equipment and attachments.