City Financials announces significant signing of Whirlpool

6 November 2008

Major home appliance manufacturer Whirlpool Inc has licenced the treasury system eTC from City Financials for its global treasury operations. The system will be installed in 2 major treasury centres; Brussels, Belgium for the European operations and Benton Harbor, Michigan for the US operations. Whirlpool will use eTC to manage the group’s treasury transactions, in-house banking, liquidity management, risk management function and all associated settlement and accounting.

Whirlpool will also take advantage of the Intercompany Reconciliation capabilities of eTC, allowing their remote subsidiaries to import 100,000+ monthly netting receivables using the web browser access, including full workflow procedures for all stages of the reconciliation cycle.

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of more than $19 billion, more than 73,000 employees, and more than 72 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Bauknecht and other major brand names to consumers in nearly every country around the world.

Peter Davidsson, European Treasury Director of Whirlpool commented “eTC has, after a long and detailed selection process, been chosen as a global treasury platform. We are convinced that eTC is the right choice for us and that it will enable us to quite dramatically improve the efficiency of our treasury operations globally, which is particularly important currently due to the market turmoil. The system will also allow us to achieve a lot of synergies and cost-savings.”

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