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Building a World-Class Treasury Function

Building a World-Class Treasury Function

Elkem has a long and illustrious history as an industrial corporation in Norway. Prior to the company’s acquisition by Norwegian conglomerate Orkla Group in 2005, we had a well-established treasury function, which was then consolidated into Orkla’s Group Treasury function.

Over time, the strategic focus of the Orkla Group changed, with less of an emphasis on industrial manufacturing and more on consumer brand products. Consequently, Elkem was divested and acquired by Chinese company China National Bluestar (Bluestar) in 2011.

Key Points

  • When Elkem was acquired by the Chinese company Bluestar in 2011, it was important for the group to develop an international treasury presence
  • A new treasury team was recruited, operating largely independently of the parent company but reporting regularly to senior management in China
  • The IT2 TMS was chosen and implementation began in May 2012, going live five months later
  • The article summarises the experience of developing a new treasury function and outlines future plans including integration of the TMS into the ERP


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Written by:


Odd-Geir Lyngstad


Vice President of Finance & Treasury

This article is available as part of an extensive case studies collection: Financial Technology Series

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Corporate Case Studies

Best practice articles written by CFOs and treasurers with real world experiences. Our case studies provide practical insights into the key issues that affect the day-to-day running of a treasury department.

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