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Management Side
Stora Enso Takes Steps to Outsource its Finance Function
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Helsinki, Finland, 05 November 2008 -- /PRNewswire/ -- Stora Enso has signed an agreement to outsource most of its financial transaction processing to Capgemini, one of the world's foremost providers of consulting, technology, and outsourcing services. This is a step in the restructuring of the Group's finance function that was announced on 25 October 2007, together with Stora Enso's other restructuring plans, in response to increasing costs and to safeguard long-term profitability.

Stora Enso's restructuring of its financial administration will be one of the most comprehensive restructurings of financial administration in the Nordic countries. It will significantly reduce the costs of the finance function and improve the quality of financial operations.

"Our outsourcing agreement with Capgemini, together with other plans for the finance function, will improve productivity and reduce costs. These steps are in line with our plans to streamline our administration to suit our more focused business needs," says Stora Enso CFO Markus Rauramo.

Under the outsourcing agreement, Capgemini will handle most of Stora Enso's transaction processing, such as vendor invoice handling. The financial services will be provided to Stora Enso by Capgemini Business Process Outsourcing (BPO)team located mainly in India and Poland. The outsourcing is planned to start from the beginning of 2009 and to be completed in the fourth quarter of 2009. The outsourcing is expected to decrease the number of Stora Enso employees by about 300. The outsourcing agreement is conditional upon Stora Enso's completion of the applicable requirement to inform or consult with its respective employees or their representatives, as the case may be, in respect of the outsourcing arrangement.

In addition to outsourcing operations to Capgemini, Stora Enso will establish one centralized shared service center at Kotka, Finland, and retain only small finance functions in the main countries in place of the current shared service centers in Finland, Sweden, and Germany.

http://www.storaenso.com
http://www.storaenso.com/investors
 

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