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News of  May 16, 2000


General Motors And Arthur Andersen Extend Financial Transactions Processing Agreement To Europe

$100 Million European Agreement Combined with $250 Million North American Agreement Brings Total Contract - Value to $350 Million
ZURICH - General Motors Corp. (GM) and Arthur Andersen announced today a $100 million agreement for Arthur Andersen to provide finance and accounting transactions processing including billing, accounts payable, disbursements, accounts receivable and various accounting activity for GM's European operations. The service agreement is an extension of a $250 million agreement announced last November under which Arthur Andersen will provide similar financial transaction processing services as well as U.S. payroll for GM's operations in North America. The combined contract value of the 10-year service agreements is $350 million.

Under the European agreement, Arthur Andersen will develop and operate a world-class Financial Shared Services center in Barcelona, Spain that will handle over $85 billion annually in financial transactions processing for GM's operations in 17 European countries. This is on top of the $250 billion in financial transactions Arthur Andersen will handle annually for GM's operations in North America through a new financial shared services center that it will develop and operate in Tempe, Arizona.

"The expansion of the North American agreement to include Europe will enable us to help GM in their quest to achieve and maintain best-in-class financial operations on a global basis," said Tom White, Arthur Andersen's global managing partner for Business Process Outsourcing - Finance Operations.

"With this European agreement and new Financial Shared Services center in Barcelona, Arthur Andersen will combine ist world-class finance and accounting expertise and leverage today's leading technology applications to help multinational companies like GM achieve greater operational efficiency and cost savings, while giving them more opportunity to focus their attention and resources on their core business to create further competitive advantage," said Nicolas Job, Arthur Andersen's managing partner for Business Process Outsourcing - Finance Operations in Europe.

"The benefits that this agreement offers GM in Europe will be the envy of many companies looking for ways to reduce costs in today's fiercely competitive marketplace," said Alejo Catalan, Director of Shared Financial Services for GM Europe. "The fact that we can find innovative ways to restructure our business while at the same time minimizing the impact on our workforce makes this an excellent business decision."

(May 11, 2000)


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