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January 8, 2007
1 Min Read
Pulp and paper company Kimberly-Clark is outsourcing a number of finance and accounting operations to Genpact, an India-based service provider formerly owned by GE.
Under the deal, financial terms of which weren't disclosed, Genpact will handle "non-core" finance and accounting functions for Kimberly-Clark, according to a statement issued Monday by Genpact. The move is part of a major cost reduction initiative that the papermaker outlined in 2005.
Through the deal, Kimberly-Clark will realize "substantial bottom line savings," said Genpact CEO Pramod Bhasin, in a statement. A spokesman for Genpact said he was unable to say how many jobs would move from Kimberly-Clark, which has operations throughout the U.S., to Genpact.
Genpact, formerly GECIS, was spun off from GE in November 2004. Since then, the company has more than doubled its staff size -- which now stands at about 26,000 workers. Finance and accounting is Genpact's largest practice area, with about 5,700 staffers in the field.
In addition to continuing to serve GE, Genpact's customer list has grown to include Genworth Financial, Nissan, Penske, and Wachovia.
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