Category: Manufacturing & industrial
Highly-commended: Mann & Hummel
Summing up: A long-established programme continues to grow and deliver results as Mann & Hummel itself grows through acquisition and expansion.
What the judges said: “An impressive story with clearly quantifiable results. A thoroughly successful SCF model that shows convincing growth rates.”
- After four years of working with PrimeRevenue, the supply chain finance programme continues to grow
- The SCF has enabled Mann & Hummel to achieve quick wins when integrating new acquisitions through the rapid onboarding of new suppliers
- Great teamwork between purchasing, treasury and PrimeRevenue has been key to success
Mann & Hummel has been working in partnership with PrimeRevenue for four years, with the supply chain finance programme continuing to produce great results. Expansion into new markets has been a key strategic goal for Mann & Hummel, however, so the relationship with PrimeRevenue and partner banks has allowed the business to achieve quick wins in the post-merger integration process by quickly onboarding newly-acquired suppliers. The SCF programme has been rolled out to new acquisitions in Europe and the US immediately after closing the transaction.
As a consequence, the SCF programme has enabled Mann & Hummel to:
- Make new acquisitions
- Build new headquarters in, for example, South Africa
- Expand the product portfolio
Over the past four years the SCF programme has grown by 70% a year and has improved DPO by more than 25 days. Suppliers with a total spend of €350m in 13 countries across five currencies have been added to the programme.
With outreach by the procurement team, PrimeRevenue has doubled the number of onboarded suppliers over the past year, maximising realised cash flow gain. An interdisciplinary team comprising purchasing, treasury and PrimeRevenue proactively supports suppliers during the process. Great teamwork has been critical to success.