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HP sets up new financing unit

Hewlett-Packard on Tuesday announced that it has established a new financing subsidiary following its acquisition of Compaq Computer. HP Financial Services, which is made up of 1,500 employees from the combined company, will be headed by former Compaq Financial Services president and chief executive Irv Rothman.

HP Financial Services represents approximately 4 percent of HP's total revenue, with about 10 percent of HP's total sales coming from leased transactions. In addition to arranging financing for new HP gear, HP Financial Services also sells used equipment from a variety of makers. The company refurbishes, tests and certifies used products at facilities in Massachusetts and the Netherlands.