Synchrony Financial : Renews Multi-Year Contract with Associated Materials, Powering Home Exterior Financing

Synchrony Renews Multi-Year Contract with Associated Materials, Powering Home Exterior Financing

Extended Partnership to Focus on Driving Growth and Enhanced Dealer Personalization

STAMFORD, Conn. & CUYAHOGA FALLS, Ohio - May 15, 2024 - Synchrony (NYSE: SYF), a premier consumer finance company, and Associated Materials, a leading manufacturer and distributor of exterior building products for residential and light commercial remodeling and new construction markets, today announced a multi-year partnership extension. Under the renewed agreement, Synchrony and Associated Materials will focus on driving growth through contractor engagements, communication campaigns, seasonal promotions, and other marketing initiatives, which will enable dealers to better leverage the power of consumer financing options. This strategic approach aims to elevate the homeowner experience and further solidify Associated Materials' position as an industry leader.

Since 2009, Synchrony has offered Associated Materials customers a private label credit card, streamlining the financing process for its extensive range of offerings including vinyl windows and patio doors, composite cladding, vinyl and metal siding and accessories. The credit card program will provide homeowners with flexible financing options and Synchrony's prequalification and digital application technology will provide customers with a fast and simple application and approval process, further improving the customer experience.

"Our 15-year partnership with Synchrony has been instrumental in empowering homeowners to transform their home exteriors with beautiful and energy-efficient products," added Shawn Hardy, EVP & GM, Product & Marketing, Associated Materials. "We look forward to continued growth and personalization for our dealers through this extended agreement and continuing to deliver exceptional value to homeowners and dealers alike."

According to research published by Statista Research in March 2024, home improvement sales in the United States amounted to around $544.6 billion in 2023. By 2027, this amount is expected to reach over $600 billion. With prices on the rise, the role of financing in the consumer purchase journey continues to grow. Half the consumers in Synchrony's 2023 Major Purchase Study cited rising prices as the main reason they explored financing options for their last major purchase and 75 percent of major purchase shoppers said they were comfortable with financing through a retailer credit card.

"At Synchrony, we take pride in providing homeowners with the financing solutions they need to bring their home improvement dreams to life," said Curtis Howse, EVP & CEO, Home & Auto, Synchrony. "Extending our partnership with Associated Materials reflects our commitment to providing flexible and innovative financing options. Together, we are shaping the future of home exterior financing, ensuring a seamless and rewarding experience for homeowners across the country."

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com.

About Associated Materials

Associated Materials LLC, a vertically integrated building products company with $1.6 billion in revenues, is a market leader in vinyl windows and patio doors, composite cladding, and vinyl and metal siding and trim. Its mission is to create successful partnerships with contractors, builders, distributors and dealers by providing, installing and servicing industry leading exterior building products and solutions. The company helps partners create or restore exceptional residential, multi-family and light commercial structures that are energy-efficient, comfortable, long-lasting and beautiful for the home or building owner. The company operates 11 manufacturing facilities and over 120 supply centers in the United States and Canada under the Alside® and Gentek® brands, respectively. For more information, visit www.associatedmaterials.com.

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Contacts:

Lauren Devilbiss
Synchrony
[e-mail]

Jess Matisz
Sr. Director of Marketing
Associated Materials
[e-mail]