UPM to outsource its transactional finance processes under five-year agreement with Genpact, which will handle the work in close cooperation with UPM's financial centers in Finland and China
October 31, 2013
– UPM and Genpact Limited have signed a five year outsourcing agreement of transactional finance processes.
As part of this agreement, UPM’s transactional finance processes will be handled by Genpact Service Center in Kolkata, India in close co-operation with UPM’s own Financial Shared Service Centers in Finland and China.
Genpact Limited is specialized in transforming and running finance and accounting processes and operations worldwide. With this outsourcing agreement UPM will optimize and standardize the handling of recurring financial tasks and thus, drive significant improvements in cost and performance efficiency. With this engagement Genpact will contribute to UPM’s aims to increase scalability and flexibility of financial operations as well as ensure access to world-class competencies and best practices.
This outsourcing is related to UPM’s decision on 24 October to reorganise its Finance & Control operations and to outsource recurring transactional tasks to an external company by the end of second quarter 2014.
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper Europe and North America and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 22,000 people and our annual sales exceed € 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM – The Biofore Company – www.upm.com
Genpact Limited (NYSE: G) is a global leader in transforming and running business processes and operations, including those that are complex and industry-specific. Our mission is to help clients become more competitive by making their enterprises more intelligent through becoming more adaptive, innovative, globally effective and connected to their own clients. Genpact stands for Generating Impact – visible in tighter cost management as well as better management of risk, regulations and growth for hundreds of long-term clients including more than 100 of the Fortune Global 500. Our approach is distinctive – we offer an unbiased, agile combination of smarter processes, crystallized in our Smart Enterprise Processes (SEPSM) proprietary framework, along with analytics and technology, which limits upfront investments and enhances future adaptability. We have global critical mass – 60,000+ employees in 24 countries with key management and corporate offices in New York City – while remaining flexible and collaborative, and a management team that drives client partnerships personally. Our history is unique – behind our single-minded passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 15 years. For more information, visit www.genpact.com. Follow Genpact on Twitter, Facebook and LinkedIn.