Success Story Stiebel Eltron

“Cash pooling has enabled us to benefit from a stronger net interest income without higher expenditure.”

Rudolf Sonnemann
Stiebel Eltron GmbH & Co. KG

Cash Pooling consolidates financial energy

Stiebel Eltron is one of the leading suppliers in the field of heating technology and building services. Today, a total of 2,900 employees work in 24 subsidiaries worldwide, manufacturing products to the highest technical standards at three European and two Asian locations.

The background

From a small enterprise to a global player – the success story of Stiebel Eltron, started in Berlin in Germany in 1924. Today, the company has its headquarters in Holzminden in Lower Saxony in Germany, and has a presence in 120 countries. Over a third of its employees are based outside Germany. Commerzbank has been supporting Stiebel Eltron closely for many years in its worldwide markets through trade finance, foreign exchange transactions and payments.

The requirement

Stiebel Eltron was looking for a suitable process and the tools to consolidate the liquidity of its entire group of companies to optimise net interest income. Furthermore, this implementation would require strong transnational support.

The solution

Stiebel Eltron now benefits from a tailor-made cash pooling solution, which, as a first step, maximises the company’s profits at a reasonable cost. To deliver this, three components were combined: a digital exchange of account information, liquidity transfer via RFT (Request for Transfer), and fully automated cash pooling. Stiebel Eltron uses the fully automated cash pooling solution to efficiently bundle the liquidity of its subsidiaries in the eurozone including Austria, the Netherlands, Belgium, France and Slovakia, and for four German companies. In addition, the subsidiaries in Poland, the Czech Republic and Japan are integrated into the liquidity transfer by the RFT procedure. There is a digital exchange of account information for other national companies. In the future, Stiebel Eltron plans to continue to expand its cash pooling with Commerzbank.

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