Glenn Eisenberg, executive vice president of finance and administration at Timken Co., faced a challenging task back in 2005: Implement a $220 million capital investment program, called Project One, that involved upgrading the company's IT and implementing SAP software for supply chain management.
The goal was to complete the project by the end of 2010, along the way achieving reductions of $85 million a year in working capital and $75 million a year in expenses, for total annual savings of $160 million.
Of course, the period of 2005 to 2010 was not typical. Events intervened, like the recession that began in late 2007 and the financial crisis and market crash of late 2008. With sales down and the economic outlook cloudy, it could have been a time for pulling back, but Eisenberg and his team kept on track with the program.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.