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Pooling For Success In Europe Isn't Just For The Big Guys

Day International cut its banking fees and gained visibility by consolidating its banking arrangements across the pond

By Staff Writer | Updated on February 01, 2004

Companies don’t have to be big to benefit from a reorganization of their overseas banking arrangements. That’s evident from the experience of Day International Group Inc., a Dayton, Ohio, printing and textile industry supplier. After revamping its international banking structure, especially in Europe, Day not only reduced its bank fees, but also improved its internal controls by getting a better handle on its daily cash positions.

Day, which had sales of $277 million for the 12 months ended Sep. 30, has major European manufacturing operations in Germany, the Czech Republic and the U.K., and sales offices in France, Russia, Switzerland and Italy. Steve Skerl, Day’s treasurer, says the company’s overseas operations had grown fairly rapidly, primarily through a series of acquisitions. “When we acquired companies, we also inherited their banking arrangements,” he says. In late 2000, “we realized that we needed to do something different.”

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