FreeMarkets Extends Relationship With SPX; Global, Multi-Industry Company Will Continue to Use FreeMarkets as Platform for Strategic Sourcing Into 2002

    PITTSBURGH--Sept. 6, 2001--FreeMarkets, Inc. , the leading global sourcing market and provider of e-sourcing software and service solutions, today announced that it has extended its relationship with SPX Corporation , a global multi-industry company, through 2002.
    Under the terms of the agreement, SPX will continue to leverage FreeMarkets' e-sourcing software and service solutions, including the company's FullSource(TM) and QuickSource(TM) offerings, to create online markets that generate fast, measurable results for its organization. The agreement extends the relationship that FreeMarkets and SPX began in June 2000.
    "We are very pleased to extend our relationship with FreeMarkets," said Pete Sattler, Chief eBusiness Officer of SPX Corporation. "FreeMarkets provides us with a flexible, set of e-sourcing software and service solutions that allows us to effectively manage our online negotiations, and further establishes SPX as a leader in the adoption and implementation of e-commerce solutions."
    SPX began using FreeMarkets in June 2000. SPX initially used FreeMarkets' FullSource, a solution that allows companies to leverage FreeMarkets' experience and expertise and the power of its global sourcing market to source a wide range of goods and services online. In May 2001, SPX added FreeMarkets' QuickSource to its portfolio of e-sourcing solutions. A flexible, hosted, ASP-based application, QuickSource allows companies to save money quickly by structuring and executing effective online negotiations of their own right from their desktops.
    "We have had tremendous success working with FreeMarkets to create online markets that yield both cost savings and efficiencies through FreeMarkets' FullSource offering," Sattler continued. "We have also created successful online markets of our own by leveraging the company's QuickSource solution. We look forward to continuing to use FreeMarkets' innovative e-sourcing software and service solutions as part of our overall e-commerce strategy to generate fast, measurable results for our organization."
    "SPX is at the forefront of e-sourcing among global, industrial companies, and we are thrilled to be extending our relationship with the company." said Dan Willmer, General Manager at FreeMarkets. "By continuing to use both our FullSource and QuickSource offerings to source goods and services, SPX will remain an e-sourcing leader and generate substantial results that benefit its operations, and ultimately, its customers."

    About SPX Corporation

    SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology, and service solutions. SPX is based in Muskegon, Michigan, and has offices worldwide, in locations including North America, South America, the Far East, and Europe. The company has annual revenues exceeding $5 billion. The Internet address for SPX Corporation is www.spx.com.

    About FreeMarkets

    FreeMarkets is the leading global sourcing market and provider of e-sourcing software and service solutions. Through its unique combination of industry-leading, web-based software, in-depth supply market information, market operations and expert sourcing services, FreeMarkets has helped customers around the world source more than $21 billion in goods and services in more than 185 different supply verticals and identify savings of more than $4 billion. FreeMarkets can be found on the Web at www.freemarkets.com. FreeMarkets(R) and BidWare(R) are registered trademarks of FreeMarkets, Inc., and FullSource(TM) and QuickSource(TM) are pending trademarks of FreeMarkets, Inc.

    Forward-Looking Statements

    Statements in this press release that are not historical facts, including those statements that refer to FreeMarkets' plans, prospects, expectations, financial projections, strategies, intentions, and beliefs, are forward-looking statements. These forward-looking statements are based on information available to FreeMarkets today, and FreeMarkets assumes no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, without limitation, market acceptance of FreeMarkets' products and services, the competitive nature of the market for e-commerce products and services, FreeMarkets' ability to predict its revenues and earnings, FreeMarkets' inability to develop competitive new products and services on a timely basis, introduction of new products and services by competitors, declining or uncertain economic and industry conditions, FreeMarkets' ability to attract and retain personnel and other risk factors that are described in more detail in FreeMarkets' most recent Annual Report on Form 10-K/A, and its other filings with the Securities and Exchange Commission.