Case Study: Tennant Company modernizes FX risk management with FiREapps

Tennant Company - Customer Case Study

Tennant Company, a global manufacturer of floor maintenance equipment, faced significant challenges from currency volatility that impacted its bottom line. As the company expanded internationally, it lacked visibility into its foreign exchange exposures and the manual processes of its small treasury team were inadequate. To address this, Tennant partnered with FiREapps and implemented its FiREapps for Balance Sheet, FiREapps OnRamp, and FiREapps CoRE Analysis solutions.

The FiREapps implementation provided Tennant with the analytics and automation needed to gain accurate, complete, and timely exposure data. This enabled the treasury team to identify and eliminate 42% of its exposure through organic methods like netting and offsetting. FiREapps' tools helped reduce gross Value at Risk from $3.4 million to $0.5 million, keeping FX gains and losses within the company's management threshold and validating the cost-effectiveness of their hedging program.

Tennant Company

Jon Vincent

Senior Treasury Analyst