Atlanta, GA (PRWEB) April 25, 2012
In order to achieve significant and ongoing working capital improvement and gain access to additional liquidity sources, Navistar, Inc. has implemented the PrimeRevenue Supply Chain Finance (SCF) program. With initial financing by The Royal Bank of Scotland, Navistar will use PrimeRevenue SCF to extend its payment terms without burdening its suppliers who now have access to on-demand early payment.
PrimeRevenue Inc., the leading SaaS platform for global supply chain finance, provides OpenSCi™, its market-leading, web-based, multi-bank SCF platform to buyers and their suppliers in order to harmonize payment terms, reduce costs, and eliminate negative cash flow impact on term extensions on suppliers. Navistar’s first trading supplier was TitanX, a market leader in the design and manufacturing of engine cooling solutions, who received early payment on their invoices from the participating financial institution.
“Navistar is excited about the potential for significant working capital improvement offered by PrimeRevenue SCF”, said Persio Lisboa, Vice President and Chief Procurement Officer, Navistar, “and we are happy to be working with the leader in Supply Chain Finance. The PrimeRevenue team has worked closely with Navistar to craft an SCF plan that perfectly fits both our needs and those of our suppliers, and it is satisfying to see it begin to deliver the results we expected.”
"TitanX is proud to be a lead supplier in the application of SCF with Prime Revenue and Navistar. Our team has worked diligently with the Navistar and Prime Revenue SCF solution and we are convinced this unlocks a valuable tool for the supply base of Navistar going forward. We appreciate the trust of Navistar in TitanX to participate as a pilot supplier in this project and are pleased that we have been able to expand our relationship with Prime Revenue. The SCF system is now easy to understand and efficient,” said Matt Moore, President, TitanX.
“PrimeRevenue is pleased to have the opportunity to work with Navistar to provide value to their suppliers while also helping to improve working capital for Navistar”, said Steve Gaylor, VP Program Deployment, PrimeRevenue, Inc. “Supply Chain Finance frees cash for suppliers who participate in the program by allowing them to receive payment in advance of the standard term of their receivables. This brings significant working capital benefit to the automotive supply chain for buyers like Navistar, especially when compared to alternative financing methods.”
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses, Monaco® RV brands of recreational vehicles, and Workhorse® brand chassis for motor homes and step vans. The company also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at http://www.Navistar.com/newsroom.
TitanX is a world supplier of medium and heavy duty diesel engine cooling solutions who serves global commercial vehicle OEM’s from their three production facilities in Sweden and the US. A market leader in the design and manufacturing of engine cooling solutions, TitanX is committed to exceeding customer expectations by maintaining operational excellence and superior quality.
About PrimeRevenue, Inc.
For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue is the leading provider of OpenSCi™ multi-bank Supply Chain Finance (SCF) technology and services. Our open SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, reducing cost, capital and risk throughout their supply chains and forging stronger supplier relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue also has offices in London, Paris, Frankfurt and Prague in Europe, as well as in Melbourne, Australia, and Hong Kong SAR, and operates some of the largest SCF programs for customers around the globe. For more information, visit http://www.primerevenue.com.