Elkem, an environment-friendly producer of silicon-related materials, has selected IT2 Treasury Management Solution (TMS) for its new treasury department based in Oslo, Norway. The deal follows the acquisition of the company by China National Bluestar, a transaction resulting in the constitution of a new, standalone corporate treasury function at the company.
The new treasury organisation is comprehensive in its mandate. It will use IT2 across cash and debt facility management, money markets, short- and long-term investment and foreign exchange (FX) transactions arising from the company’s global footprint across Europe, North and South America, Africa and Asia. The implementation is fully integrated with Reuters for market data, FXall for dealing and confirmation matching, and M3 for accounting and forecasting.
“It’s an exciting time for Elkem. The new treasury organisation has to deliver funding, capital protection and investment management to a large, newly divested international business,” said Odd-Geir Lyngstad, vice president and head of treasury, Elkem. “IT2 is integral to the new treasury organisation’s capability. The system sets up transparent, auditable processes and a repository for all treasury activity, as well as providing detailed, actionable intelligence on treasury positions and exposures.
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