7/1/1998

Vinnolit ushers in the EURO

All commercial exchanges with customers can from this date on be conducted using the EURO as the transaction currency. Inhouse re-structuring to accommodate the new common European currency will be launched in early 2000.

In May 1998, a project team was commissioned to manage the introduction of the EURO. In addition to implementing the project's objective, the team identified the opportunities and risks posed by the currency and developed a suitable scenario of appropriate actions. Experts at Vinnolit consider two ramifications of the EURO as crucial benefits: Reduced transaction costs and more stable sales due to the lack of currency rate fluctuations in the member nations.

By integrating the EURO into the company's operations on 1 January 1999, Vinnolit Kunststoff GmbH will consolidate its capacity to do business on the continent; some 90% of the country's sales are within the EU realm. The changeover to the EURO within the company will involve comparatively few complications because the company had already reengineered its data processing systems by introducing the standard software SAP/R3 in 1996. Nevertheless, all business processes will be affected and thus some database updating will be required at ever organizational level.
H. Zeller