Afternoon Coffee: Aigis crumples following Greensill Capital issue; Spend Matters to host webinar with Keelvar and Samsung on sourcing optimization; Peloton invests in American manufacturing plant

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An Italian bank called Aigis crumpled following the Greensill Capital issue involving GFG Alliance invoices, according to the website

The Milan-based Aigis was a specialty lender to small and medium business (SMBs). The Bank of Italy ordered that the lender’s assets and accounts will be sold to competitor Banca Ifis.

Greensill Capital is a lender to suppliers based on the value of their outstanding invoices minus a discount, said. Loans are packaged and sold to investors and banks, which included Sanjeev Gupta’s Aigis (known as metals group GFG Alliance). Aigis’ problems were connected to invoice investment products from Greensill.

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“The intervention of Banca Ifis will protect the savings of retail customers, guarantee continuity of finance to businesses and safeguard jobs,” Banca Ifis CEO Frederik Geertman said in a statement, reported.

Spend Matters to host webinar with Keelvar and Samsung on sourcing optimization

Mark your calendars for June 8 when Spend Matters hosts a webinar with Samsung and Keelvar, an intelligence automation solutions provider. Samsung will share a transformation journey of transportation sourcing, and how Keelvar addressed its needs.

New data showed that only 40% of container ships globally were on time in March. Amid other supply chain struggles in the last few months, strategic sourcing has increasingly been looked at as an area for modernization and digitization within wider procurement transformation initiatives. The two firms will explain in the webinar a few key topics — such as when to consider sourcing optimization and the opportunities for sourcing optimization to be found across spend categories.

Moderator Jenny Draper, Spend Matters GM for Europe, will be joined by Radu Panciuc, Contracts and Innovation Manager at Samsung Electronics and Jennifer Sikora, VP of Marketing at Keelvar, to explain how Samsung identified an opportunity to transform their transportation sourcing through a combination of upgraded technology and process improvements.

The webinar takes place Tuesday, June 8, at 10 a.m. US Eastern time (or 3 p.m. British Summer time). Learn more about the sourcing optimization webinar on its registration page.

Peloton invests $400 million to build American manufacturing plant

Peloton announced yesterday it will invest $400 million to build a factory in Troy Township, Ohio, to speed up production and delivery of its popular exercise bikes and treadmill machines, according to CNBC.

The home fitness maker will construct a more than 1 million square foot space for manufacturing, office and amenities. Peloton said it expects to break ground later this summer on the manufacturing plant, which will bring more than 2,000 jobs to the area. The facility is expected to be up and running by 2023, CNBC said.

“We had planned to do this for years, but I think the pandemic put an exclamation point on why it’s going to be awesome,” Peloton co-founder and CEO John Foley told CNBC. “Having more flexibility in running a global supply chain is also going to allow us to sleep better, as you can imagine.”

The company currently manufacturers its products at third-party facilities in Asia. But heightened demand during the Covid pandemic has made it run into lengthened delivery delays that has greatly frustrated consumers and investors, CNBC said.

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