When Germany-headquartered international automotive supplier Webasto Group decided to acquire its long-standing Korean joint venture partner Donghee, some major changes were needed within the local finance function. International banking partner BNP Paribas helped deliver a globally standardised, efficient, and secure cash management operation.
Sometimes in business it makes perfect sense to bring a close partner even closer. Webasto has had its own locations in Asia since the 1970s, targeting continuous expansion of its business in the region. From 1987 onwards, Korean joint venture partner Donghee has been helping it meet this broad goal, supplying regionally based automobile manufacturer clients with innovative roof systems. But Webasto has been intensifying and developing its activities throughout Asia in the past few years.
As part of its strategic plan, the group is expanding its product range to include systems for electromobility, such as batteries and vehicle chargers. Its vision for growth presented a clear case for significant investment in Donghee. In doing so, it has helped fortify the group’s position as a systems partner, not just in the automotive industry in the growth market of Asia but across the rest of the world too.
Fulfilment of global ambition demands serious efficiency, however, and for that to be realised the Webasto team knew that standardisation of operations was essential. Within the finance function of its Korean acquisition – operating as Webasto Korea since the deal closed in April 2019 – this led to some major changes.