Powys-based manufacturing company Control Techniques is to adopt the euro as its prime currency for all business and financial uses from January.
Although all of its products will be priced in euros there will still be variations between national markets. This is due to varying costs caused by local taxation and social security regimes, the company claims.
Willy Vandormeal, financial director and head of the company’s euro steering committee, said it had weighed up the advantages and disadvantages and now believes that the euro will become one of the world’s great trading currencies, alongside the dollar and the yen.
The company is making structural changes throughout its organisation, and also expects to change its information systems. All financial, management and planning systems will change, and the company will be opening a specific euro bank account.
Employees will still be paid in their local currency, but pay will also be shown in euros to familiarise them with the new currency.