George Weston Foods Chooses SunGard's Kiodex to Support Commodity Hedging Program
George Weston Foods Limited, one of Australia's largest food companies, has chosen SunGard's Kiodex to help manage its exposure to commodity price risk. George Weston Foods will use SunGard's Kiodex to help develop and implement hedging strategies aimed at reducing and managing its exposure to volatile prices in agricultural commodities.
Sydney, Australia (Vocus/PRWEB ) June 3, 2008 -- George Weston Foods Limited, one of Australia's largest food companies, has chosen SunGard's Kiodex to help manage its exposure to commodity price risk. George Weston Foods will use SunGard's Kiodex to help develop and implement hedging strategies aimed at reducing and managing its exposure to volatile prices in agricultural commodities.
Kiodex will help George Weston Foods to actively manage its commodity risk by helping it to price, capture, and manage financial derivative hedges. Kiodex Risk Workbench is a Web-based commodities risk management solution that integrates trade capture, valuation models, risk measurement, financial reporting, and independent market data. Kiodex Global Market Data includes representative spot prices, forward curves, volatilities, volatility skews and correlations across the spectrum of commodity markets. George Weston Foods leveraged the Kiodex Software-as-a-Service (SaaS) platform for rapid implementation.
Hugh Robertson, strategic sourcing manager at George Weston Foods Limited, said, "SunGard's Kiodex risk management solution with integrated market data appears well suited to help us manage our agricultural commodity exposure. The combination of its commodity specific models, mark-to-market, P&L and cash flow-at-risk (CFaR) reports, and fast implementation, made Kiodex the right decision. Kiodex will support our hedging program optimization, provide transparency of trade prices, manage our cash flow at risk, and monitor the success of our program versus our goals. To date, the Kiodex team has shown a high level of insight into the risk management challenges facing a buyer of soft commodities."
Ben Jackson, chief operating officer of SunGards Kiodex business unit, said, "SunGard's Kiodex helps our corporate customers around the globe to efficiently manage earnings volatility through precise commodity risk management. Kiodex's SaaS framework made it possible to implement the system rapidly, and to automate processes, which will help George Weston Foods quickly and accurately price hedging strategies. Also, the independent valuation provided by our unique market data set will help George Weston meets its audit requirements."
About George Weston Foods (GWF)
GWF is one of the largest food manufacturers in Australia supplying breads, cakes, cereal products and processed meat to the Australian and New Zealand markets, as well as exporting flour and frozen baked products to the Asian region. GWF markets these products under brand names such as Tip Top®, Burgen®, Noble Rise®, Golden®, Ryvita®, Top Taste®, Kitchen Collection®, Watsonia®, Chapmans®, Huttons®, Melosi® and Don®. GWF currently employs over 5,500 people at 38 manufacturing sites around Australia and New Zealand. The company also has joint ventures in the United States, South Africa, Australia and Thailand. Since launching in Australia, GWF has been highly respected and recognised as a leader and innovator in the food industry, committed to excellence in nutrition.
About Kiodex
A Web-based trading and risk management solution for commodities traders, Kiodex integrates deal capture and risk management capabilities with valuation models and independent market data. Banks, FCMs, hedge funds and corporations with exposure to commodity prices use Kiodex to help measure risk, design optimal trading strategies, improve price execution, manage positions, process trades and comply with financial reporting and regulatory best practices. Visit SunGards Kiodex at www.sungard.com/kiodex.
About SunGard
With annual revenue of $5 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world's 50 largest financial services companies. Visit SunGard at www.sungard.com.
Trademark Information: SunGard, the SunGard logo and Kiodex are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
For more information please contact:
Adriana Senior
SunGard
Tel: 718-578-1130
adriana.senior @ sungard.com
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