NEW YORK, Oct. 31, 2013 (PRNewswire) - Genpact Limited, a global leader in transforming and running business processes and operations, and UPM-Kymmene Corporation (UPM), the global frontrunner of the new bio and forest industry, have signed a five-year outsourcing agreement to provide finance and accounting (FA) services to UPM.
As part of this agreement, Genpact will create a global hub for UPM's transactional finance processes in Kolkata, India, which will operate in close cooperation with UPM's captive Financial Shared Service Centers in Finland and China.
"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 as well as increase the scalability and flexibility of our financial operations," says Erkka Repo, senior vice president of Business Control and Finance Operations at UPM. "We chose Genpact because of their track record in FA and their experience in managing global transformation projects, combined with their commitment to process excellence and continuous improvement."
"We continue to expand our footprint and capabilities in the Nordics region, where in the past 12 months we have formed a number of solid relationships including this one with UPM," says Ahmed Mazhari, senior vice president, Global Sales at Genpact. "Our granular process knowledge, deep analytical insights, global delivery and leadership in FA services allow us to focus on transforming core business processes that generate significant business outcomes for our clients. We look forward to a long-term partnership and believe that we will be able to substantially improve the effectiveness of UPM's FA operations, making UPM more competitive, adaptive and connected to their customers."
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.
Genpact Limited 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 (SEP(SM)) 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.