GEF.B Greif Inc

ICG Commerce Enters Into Procurement Business Process Outsourcing Agreement With Greif New Engagement with World Leader in Industrial Packaging Products and Services Marks Procurement Services Provider's Fifth Major Outsourcing Engagement During Past Year PHILADELPHIA, Jan. 24 /PRNewswire/ -- ICG Commerce, a leading procurement services provider, today announced that it has recently been engaged to provide procurement business process outsourcing services (BPO) to Greif, Inc. (NYSE:GEFNYSE:GEF.B), the world leader in industrial packaging products and services. ICG Commerce will provide Greif with a broad suite of services, from sourcing to purchase-to-pay processing to ongoing category management, across more than 20 indirect materials and services categories. Greif will leverage ICG Commerce's integrated procurement infrastructure, which includes deep category sourcing experts; a best-practice-based Buying Center; and RealExchange(SM), a comprehensive technology platform for the purchasing of both goods and services, to maximize procurement cost savings and standardize the procure-to-pay process across 80 facilities. "With a company-wide focus on achieving sustainable cost reductions and process improvements, we identified ICG Commerce as a means to help drive measurable savings in under-resourced buying categories in a fast and cost- effective manner," said Myron Gramelspacher, Greif vice president of Global Indirect Materials & Services. "By partnering with ICG Commerce we are able to obtain fast access to sourcing specialists in indirect categories, savings implementation and compliance management programs, and support of their purchasing center. At the same time, this strategy allows us to keep our existing team focused on other strategic categories and activities. ICG Commerce is an extension of our team." A recent survey conducted by leading BPO research analyst NelsonHall indicated that outsourcing the management of non-core purchasing commodities and processes allows chief procurement officers to focus their in-house talent on the most strategic activities, gain fast access to additional category expertise and tools, address more company spend and accelerate and improve the execution of procurement programs. By offering a full suite of procurement services, ICG Commerce has helped more than a dozen companies leverage procurement outsourcing as a strategy to realize these benefits. This agreement with Greif marks ICG Commerce's fifth major engagement during the past year. "As a forward-thinking company, Greif recognizes the value of partnering with a third-party specialist to achieve its objectives," said Edward H. West, chairman and CEO of ICG Commerce. "We look forward to being an integral part of the Greif procurement team and to helping the company realize its cost and performance improvement goals." About ICG Commerce, Inc. ICG Commerce ( http://www.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 Greif Greif ( http://www.greif.com/ ) is a world leader in industrial packaging products and services. The Company provides extensive expertise in steel, plastic, fibre, corrugated and multiwall containers for a wide range of industries. Greif also produces containerboard and manages timber properties in the United States. Greif is strategically positioned in more than 40 countries to serve multinational as well as regional customers. DATASOURCE: ICG Commerce CONTACT: Kristen Knouft of ICG Commerce, +1-484-690-5000, , or Brittany Morris of Ruder-Finn, +1-312-329-3983, Web site: http://www.greif.com/ http://www.icgcommerce.com/

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