Natural resources business initiates program to streamline and centralize treasury management
IT2 Treasury Solutions today announces that Walter Energy, Inc. (NYSE: WLT) (TSX: WLT) the world's leading, publicly traded "pure-play" metallurgical coal producer for the global steel industry, has selected the IT2 Treasury Management Solution (TMS). This project is highly strategic, designed to enable the Company to navigate significant complexity and volatility in its financial exposures.
“We are positioning Walter Energy to be a leader in treasury best practices, complete with robust, streamlined processes and maximum insight into cash, exposure and risk,” explained Michael Griffin, the Company’s Interim Treasurer. He continued, “IT2 will further enable our treasury department to manage a diverse portfolio of exposures—from leases, corporate debt and credit, to securities investments and foreign exchange—according to best-practice treasury policy. We will also be better able to manage a comprehensive hedging and risk management strategy by working within the single platform of IT2 TMS.”
With operations in the United States, Canada and the United Kingdom, Walter Energy is adopting a policy of treasury centralisation and control of which the IT2 implementation is a major component. IT2 will both significantly streamline and enforce central treasury rules and workflows, transitioning the Company’s spreadsheet-based treasury department to a single platform. Expected benefits include more straightforward, visually intuitive processes, risk management, and governance for the purposes of audit and Sarbanes Oxley compliance.
“Walter Energy faces particular demands on its treasury function as the world’s leading, pure-play metallurgical coal producer for the global steel industry, not to mention its recent acquisition of Western Coal Corporation,” commented Steve Bullock, SVP and General Manager for North America, IT2 Treasury Solutions. “The IT2 solution will help their treasury team to navigate significant risk and complexity with confidence.”