MODEC, the world’s largest independent operator of offshore floating production systems for the oil and gas industry, was managing its foreign exchange (FX) hedging process manually. In 2020, the company decided to automate this process, successfully reducing the time spent on it from three days to within one day.
As a big Dutch multinational, Philips is certainly not immune to the risks of global exchange rates. Fluctuations between different currencies have a significant impact on the incomes and financial statements of this diversified technology company. Hedging currency risks is done at group level and for the Group Treasury this represents a drastic operation.
Accell Group is internationally active in the middle and higher segments of the market for bicycles, bicycle parts and accessories. Yearly, it sells around 1.7 million bikes in more than 70 countries. Being big and internationally active means that it’s important for Accell Group to hedge both interest rate risk and FX risk.