Pactiv and Tenneco Sign Outsourcing Contracts With Exult, Inc.
18 January 2000
Pactiv and Tenneco Automotive Sign Human Resources/Payroll and Related Finance & Accounting Process Outsourcing Contracts With Exult, Inc.
LAKE FOREST, Ill., and IRVINE, Calif., Jan. 18 -- Pactiv
(formerly Tenneco Packaging) and Tenneco Automotive today announced they have
awarded contracts for human resources/payroll and related finance & accounting
process outsourcing to Exult, Inc., the human resources business process
outsourcing firm.
Under the terms of the three-year contracts (which include optional yearly
extensions), Exult will assume complete management, ownership and
accountability for both companies' North American payroll and accounts payable
processes. As part of the agreement, Exult has acquired substantially all the
assets of Pactiv's 71,000-square-foot, state-of-the-art, Houston-area client
service center, which currently serves the administrative processing needs of
both Pactiv and Tenneco Automotive. This will enable Exult to provide world-
class HR and affinity process outsourcing services to Pactiv, Tenneco,
BP Amoco and future clients. These new contracts mark Exult's extension of
its core focus on human resources processes outsourcing into "affinity" back-
office processes such as finance & accounting (F&A).
Jim Hatch, vice president and CIO of Pactiv, said, "Our stringent
evaluation of Exult's business model made it clear that they could provide us
with the service level improvements important to our employees, and the cost
savings important to our shareholders. We are confident that Exult will
continue to invest and expand the Houston client service center to ensure it
remains a world-class facility." Continued Hatch, "Moreover, our previous
experience with Gunn Partners, the new business process improvement
consultancy arm of Exult, coupled with the deep outsourcing, operations and
management experience possessed by the entire Exult team, makes us confident
that our HR and F&A needs will be serviced in a cost-efficient, 'people-first'
manner."
Exult, a General Atlantic Partners portfolio company, was established in
November 1998 as a business process outsourcing services provider focused on
management, ownership and accountability of all HR functions and affinity
back-office processes. The firm is now well-positioned to e-enable not only
the HR function, but affinity back-office processes as well.
Said Jim Madden, CEO of Exult, "To succeed in today's business process
outsourcing market, firms need a variety of critical components: world-class
people; superior processes and process management; highly advanced, e-enabled
service centers; and substantial financial resources for capital investments.
Through our stellar management team, our acquisition of Gunn Partners, our
purchase of Pactiv's client services center and our $55 million investment
from General Atlantic Partners, we possess all of the necessary ingredients
for delivering success to Tenneco, Pactiv, BP Amoco, future clients and our
own shareholders -- our employees."
About Exult, Inc.
Headquartered in Irvine, California, Exult is a company focused on
providing Global 500 corporations with the complete spectrum on business
process outsourcing (BPO) services for the e-enablement of the human resources
function and affinity back-office processes. Exult's mission is to help its
clients achieve service level improvements, cost savings and tangible business
benefits by assuming complete management, ownership and accountability for the
entire HR process. Its services include design, implementation, operation,
management and administration of all key HR functions and e-enabled HR
processes. This comprehensive approach to HR management is unrivaled in the
industry. For more information, please contact Exult at 949.250.8002 or visit
the Exult web site at http://www.exult.net.
About Pactiv
Pactiv Corporation, headquartered in Lake Forest, IL, is a leading
provider of advanced packaging solutions for the institutional and industrial
markets, as well as a consumer products leader. Its packaging products
include plastic, aluminum foil and molded fiber containers for packer-
processor and foodservice applications and protective packaging that helps
goods make it safely to market. Pactiv's popular consumer brands include
Hefty(R) waste bags and disposable tableware, Hefty OneZip(R) and Baggies(R)
food storage bags and E-Z Foil(R) single-use cookware. The company currently
operates 86 facilities in 18 countries around the world. For more information
about Pactiv, please visit the company's website at http://www.pactiv.com .
About Tenneco Automotive
Tenneco Automotive is a $3.2 billion manufacturing company headquartered
in Lake Forest, Ill., with 24,000 employees worldwide. Tenneco Automotive is
one of the world's largest producers and marketers of ride control and exhaust
systems and products, which are sold under the Monroe(R) and Walker(R) global
brand names. Among its products are Sensa-Trac(R) shocks and struts,
Rancho(R) shock absorbers, Walker(R) Quiet-Flow(TM) mufflers and DynoMax(TM)
performance exhaust products, and Monroe(R) Clevite(TM) vibration control
components.