ICG Commerce Enters Into Procurement Business Process Outsourcing Agreement With Universal Packaging Systems
Leading Cosmetic Contract Manufacturer Selects Procurement Services Provider
to Achieve Significant Bottom-Line Savings and Reduce Product Costs
PHILADELPHIA, Nov. 9 /PRNewswire/ -- ICG Commerce, a leading procurement services provider, today announced that it has come to an agreement to provide procurement business process outsourcing services (BPO) to Universal Packaging Systems, Inc., a leading cosmetic contract manufacturer.
Under the five-year agreement, ICG Commerce will provide Universal Packaging with comprehensive procurement services encompassing strategic sourcing, savings implementation, purchase-to-pay transaction processing and invoice reconciliation. Universal Packaging will leverage ICG Commerce's integrated procurement infrastructure, which includes deep category sourcing experts and a best-practice-based Buying Center to maximize procurement cost savings, streamline the procure-to-pay process and improve supplier performance. ICG Commerce will also provide a dedicated onsite procurement team to coordinate the seamless delivery of services to Universal Packaging.
"Having built this company from the ground up, we are very careful to select service providers who will partner with us and add value to our bottom- line. ICG Commerce is bringing significant cost savings to the table and helping to improve our business. They will be working with our suppliers to drive higher quality products and delivery performance, to increase efficiency and control over the purchasing processes, and to improve our price competitiveness on new business pursuits," said Julio Liberal, President of Universal Packaging. "By partnering with ICG Commerce, we get access to people with deep category expertise and market power in packaging and chemicals, a full range of proven procurement processes, and tools and technology to achieve significant year-over-year cost reductions and performance improvements."
ICG Commerce is a comprehensive procurement services provider committed to helping companies realize procurement cost savings and efficiencies through a full suite of procurement services. The company specializes in procurement outsourcing services, managing a broad scope of activities and expenditures for more than a dozen leading companies. According to NelsonHall, ICG Commerce currently leads the BPO-procurement industry in market share.
"As a leading provider of finished goods and specialty packaging to many of the world's largest consumer products and cosmetic companies, Universal Packaging recognizes the value of partnering with a specialist that is committed to delivering the highest quality services," said Edward H. West, chairman and CEO of ICG Commerce. "We look forward to helping Universal achieve and sustain procurement cost savings and process improvements while improving supply sources and supplier performance."
About ICG Commerce, Inc.
ICG Commerce ( icgcommerce.com ) is a leading Procurement Services Provider exclusively focused on helping companies buy more effectively and efficiently in order to reduce costs significantly and continuously. The company offers an unmatched combination of process and category expertise and hosted technology to deliver Sourcing, Purchase-to-Pay Processing and Procurement Outsourcing Services. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq:ICGE) network of partner companies and has been honored as a Forbes Best of the Web: B2B, UPSIDE Magazine Hot 100 and iSource 100 company as well as had its executives recognized among the iSource "Pros to Know."
About Universal Packaging Systems, Inc.
Universal Packaging Systems, Inc. ( upsilab.com ) is a leading cosmetic contract manufacturer and packager of fragrance cosmetics products and OTC pharmaceuticals. The company specializes in four key services including product development and technical services, personal care OTC, designer fragrances and alcohol products, and turnkey and secondary assembly. Universal Packaging Systems supports small, medium and large companies with competitive pricing and an unparalleled level of service. With its extensive knowledge of chemical, cosmetic, fragrance and personal care products, the company can also assist in research and development of all new raw materials.
SOURCE ICG Commerce
CO: ICG Commerce; Universal Packaging Systems, Inc.; Internet Capital Group
ST: Pennsylvania
SU: CON
Web site: icgcommerce.com
prnewswire.com
11/09/2004 09:03 EST |
