US tech company nears completion of centralized treasury

Applied Materials in California will complete its year-long project of centralizing its Asian cash management activities this coming January.

Californian manufacturer of semi-conductor equipment Applied Materials is in the last stages of setting up a global treasury centre that incorporates its Asian operations. The project which was started in February this year is about 90% accomplished and should be completed next month. Applied Materials has spent 10 months consolidating banking relationships, tightening up approval processes, improving reporting and centralizing the responsibility for the company's balance sheet in Asia.

The process was started a year ago when the company's senior...

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