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Stora Enso announced that it has signed an agreement to outsource most of its financial transaction processing to Capgemini as a part of restructuring of finance function.The restructuring of financial administration would significantly reduce the costs of the finance function and improve the quality of financial operations, the company said.
As per the outsourcing agreement, Capgemini would handle most of Stora Ensos transaction processing such as vendor invoice handling. The financial services will be provided to Stora Enso by Capgemini Business Process Outsourcing team located mainly in India and Poland.
The outsourcing program, which is expected to reduce the number of employees by about 300, is expected to commence from the beginning of 2009 and be completed in the fourth quarter of 2009.
Additionally, the company would establish a centralised shared service centre at Kotka in Finland and retain only small finance functions in the main countries in place of the current shared service centres in Finland, Sweden and Germany.
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