Harris Sets Up Equipment Financing

Arrangement similar to Thomson Grass Valley/National City Media Finance deal
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 Broadcast technology conglomerate Harris Corporation has partnered with large bank National City Corporation to help its customers finance the purchase of new technology.

 Harris has created Harris Finance in partnership with National City Media Finance, a division of National City Corp. subsidiary National City Commercial Capital Company, LLC, an equipment leasing firm. Harris Finance will offer financing options tailored to the different markets it serves, including broadcast television, cable and radio, telecom and IPTV, allowing customers to amortize their investment in Harris equipment, systems, software and engineering services over an extended period of time.

 The financing arrangement is similar in concept to a partnership Harris competitor Thomson Grass Valley struck last year with National City Media Finance. That is probably not a coincidence, as current Harris Broadcast SVP of sales Russ Johnson helped arrange Thomson Grass Valley’s partnership with National City when he served as Grass Valley VP of sales.

 “With this new finance program, we can help customers manage budget shifts to IT-related broadcast technologies and migrate from capital budget constraints to operating budget solutions,” said Johnson in a statement. “Harris Finance will allow our customers flexible solutions that spread the cost of technology to match the timing of revenues or cost savings. In short, Harris Finance can help our Channel Partners and their clients achieve their business and ROI objectives.”

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