Back to all announcements

ENGINE MANUFACTURER DEUTZ CHOOSES XRT GLOBE$ TO DRIVE ITS TREASURY INTO THE 21st CENTURY

Paris, La défense – 4 May 2006: One of the world’s leading independent engine manufacturers, DEUTZ AG, has joined the expanding list of multi-national corporates choosing XRT Globe$ to automate cash, risk and FX management activities. In addition to implementing Globe$ at its central treasury in Cologne, Germany, DEUTZ will use c-Globe$ to provide seamless, secure, real-time communication between the Cologne treasury and 10 worldwide subordinate offices.

“We chose XRT Globe$ because it provides everything we need in a single, highly integrated and sophisticated solution,” said Michael Ultsch, Head of Cash and FX Management at DEUTZ AG. “We were impressed by the range of reports available and the rich variety of management tools that would provide an audit trail with a reliably high level of traceability and transparency.”

Market conditions for companies like DEUTZ with complex international sales structures remain challenging. As it contends with a weak domestic economy, a strong Euro and a volatile international environment, effective management of the financial value chain (FVC) is of critical importance for DEUTZ.

By replacing its previous spreadsheet-based systems with XRT Globe$, DEUTZ will benefit from a far higher degree of accuracy, security and traceability. In addition, using Globe$ will ensure that the company adheres to accounting standards, notably IAS 39.

As a global exporter dealing in a variety of currencies, FX planning is of pivotal importance to DEUTZ. Having automated access to precise, up-to-date information from regional offices will speed up the process and enable DEUTZ to gain maximum business benefit from its FX hedge accounting activities.

“The staged implementation process is well underway with a majority of the Globe$ system’s facilities already in use. We anticipate that once fully up-to-speed the treasury team will be multi-skilled and therefore more effective. Instead, they will input information into a unified and shared system that is accessible to all authorised users via a browser-based interface. However, the central treasury will still retain full control as Globe$ allows us to set preferences and define levels of access based on DEUTZ’s internally defined Financial Guidelines,” Ultsch concluded.