Treasury Technology at A. Schulman Inc.
by Kurt Loeffler, Treasury Manager, A. Schulman Inc.
A. Schulman is a leading international supplier of high-performance plastic compounds and resins, which are used as raw materials in a variety of markets. The company’s principal product lines consist of proprietary and custom-formulated engineered plastic compounds, colour concentrates and additives that improve the appearance and performance of plastics in a number of specialised applications. Headquartered in Akron, Ohio, A. Schulman employs approximately 2,200 employees and has 16 manufacturing facilities in North America, Europe, Mexico and the Asia-Pacific region. A. Schulman stock is quoted through the Nasdaq National Market System (Symbol: SHLM).
Technology Need at A. Schulman
Visibility and Control
A. Schulman’s treasury function is a small, highly focused team with two people at the corporate headquarters in Ohio, two in Belgium, managing the European treasury and cash management requirements, and two people in Mexico, responsible for domestic cash management. Until March 2009, A. Schulman had been using spreadsheets to manage all aspects of its treasury activities globally. However, with an increasing focus on cash visibility across the business, and greater management attention on issues such as liquidity and risk, we recognised that spreadsheets did not provide the level of control which we were seeking over our cash flow, including visibility and auditability.