US tech company nears completion of centralized treasury

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.