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Exult to Manage Prudential Payroll

January 18, 2002|Bloomberg News

Exult Inc., which runs human resources departments for large companies, won a contract valued at $700 million to manage Prudential Financial Inc.'s payroll and employee benefits for 10 years.

Exult will take over management of Prudential Financial's human resources department, and begin to administer payroll, benefits and support for the second-biggest U.S. life insurer's U.S. employees in the fourth quarter, it said.

The agreement with Prudential Financial is one of the biggest to date for the Irvine company, exceeding a $600-million contract with paper producer International Paper Co. in October, said spokesman David Watson. Exult shares fell 30 cents to close at $13.20 on Nasdaq. Shares of Newark, N.J.-based Prudential Financial fell 16 cents to $30.52 on the New York Stock Exchange.

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