Treasury Strategy & Transformation
Published 6 MIN READ

Embracing Change and Opportunity in Treasury

 Embracing Change and Opportunity in Treasury

 

Honeywell’s treasury team have achieved a high level of centralisation and efficiency over the years, leveraging best-in-class technology, driving best practices and building the right internal and external relationships. This is a constant process in order to understand new opportunities and meet the changing needs of the business. In this feature, Séverine Le Blévennec, Director of Treasury, EMEA, discusses some of the initiatives in which treasury is engaged and how these fit into the wider business strategy.


Managing change and growth

Honeywell in Europe is a cash-rich business, which creates particular demands in terms of maximising visibility and control over this cash. By late 2015 Honeywell had a global surplus cash balance of close to $10bn.  We have very effective cash management structure and cash concentration process which include a Belgian in-house bank. As a result of having a clear view and treasury control over cash, we are able to make optimal cash investment decisions, and support business growth objectives. Honeywell is a highly acquisitive enterprise and grew significantly in Europe in the past one and a half years through a series of acquisitions. EMEA Treasury covers all treasury requirements of over 600 affiliates in the 50 countries of the region. This would have been impossible without the right systems and processes to integrate new entities quickly. When acquiring new businesses, our first focus is on achieving visibility and control over cash. We have refined our processes and systems over the years, and built strong bank relationships and connectivity such that we have 100% daily visibility over cash globally, with complete accuracy in reconciling this information with accounting.