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Pfizer divestment Increased gross margins more than 50% by acquiring and integrating a global Pfizer business.
The business planning model I built for Schering-Plough’s global acquisition resulted in improving the Gross Margin by 5% or multi-million dollars of pull through in bottom-line profits. This also established the platform for reengineering transfer pricing for this newly acquired business. Loss making products were discontinued, local profitability exposure and opportunities were identified. Major markets in the Far East and several in Latin America were targeted for tax-advantaged transfer pricing, supply chain simplification and legal structure tax advantaged enhancements.
Helped this company evaluate, assess and subsequently enter a key European market. Cultural differences, in addition to regulatory issues, presented tough barriers to gaining access to this market.
Generated $3 million savings, utilizing creative hedging techniques. I lead the team that drafted the defense to a German tax assessment of more than €3.0M. Working together with a top tier accounting firm, I developed the case winning counterpoints. Two major issues surrounding this audit were too high a transfer price and “hidden” profits on thin capitalization. Both of these issues were severely affected by lack of understand of FX impact on profitability. Despite many years of local losses and under funding, I was successful in securing complete abatement on this tax assessment and establishing TP policy for future years. According to the OECD, Germany ranks 2nd behind Japan in onerous transfer pricing scrutiny by local taxing authorities. Reengineered sourcing and distribution channels for global supply chain to enhance tax advantaged global operations, including, among other issues, gaining operating efficiencies, e.g., time to market, and garnering bottom line profit improvements. In response to a US customs audit, I developed transfer pricing documentation and analysis counter to their evaluation of low import, valuation pricing. Foreign exchange (FX) affect and erroneous product classification were key elements in countering and winning against their increased duty and related fines. I lead the turnaround of a loss-making UK subsidiary primarily through supporting an enhanced pricing strategy enabling them to bid on and win tender business. Creative transfer pricing that locked in their product cost gave them the tool they needed to successfully compete. The financial stability of this subsidiary averted potential adverse consequences from the local taxing authorities surrounding transfer pricing. Crafting a multi-functional approach, I created an original interpretation and application of FAS 52 concerning the proper accounting for FX (foreign exchange) and its implementation for a global medical products company. This resulted in multi-million dollar bottom-line improvements and consistently added to EPS over the course of several years.
Called in to help integrate a major offshore acquisition for a Fortune 500 IT services firm, I uncovered double dipping of expenses amounting to over $400K. This followed the standardization, streamlining and normalization of foreign entity reporting and analysis. Identified a disconnect with the acquisition values. Subsequently, I recovered more than $500K prior to the indemnification period ending. Uncovered $2.0 million in additional profit for an M&A JV that was missed under conventional due diligence. Handled non-compliance with FIN 46.
I took on a role as a CFO of a privately held business outsourcing firm with extensive offshore operations (c.$50M) for investment bankers. I uncovered rampant fraud and complete misstatement of the financial condition of the company, helping to stop the cash bleed.
Helped this company gain from a tax favored set-up that helped them to realize incremental bottom-line profits in the hundreds of thousands of dollars over the course of several years.
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