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The treasury department at Dover Corp., a diversified manufacturing company, has spent the past couple of years centralizing foreign exchange (FX) trading and rationalizing its number of bank accounts and its use of banking services. The results are noteworthy.

“Between the things that we’ve done on the bank account side and on the currency side, we’ve saved a significant amount of money,” said Brian Moore, treasurer and vice president at Dover. “And we’ve done that without sacrificing internal controls or increasing risk. In fact, we’ve instituted some foreign currency hedging programs that have helped reduce Dover’s risk profile.”

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Dover, which had $8.5 billion in revenue in 2012, has 32 operating companies around the world that provide communication technologies, energy, engineered systems, and printing and identification. Much of the organization’s treasury work is performed within the operating companies. Dover is also a frequent acquirer.

 

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