FreeMarkets Expands Relationship with Visteon Corporation
PITTSBURGH--Nov. 6, 2001--Leading Automotive Supplier Adds FreeMarkets(R)
QuickSource(TM) to Portfolio of E-Sourcing Solutions; Continues to Leverage FullSource(TM) as Platform for Sourcing Goods and Services
FreeMarkets, Inc. , the leading global sourcing market and provider of e-sourcing software and service solutions, today announced that it has expanded its relationship with Visteon Corporation , one of the world's leading suppliers of integrated automotive components and systems that delivers technology solutions to automotive manufacturers worldwide.
Under the terms of its agreement with FreeMarkets, Visteon will expand its portfolio of e-sourcing solutions to include QuickSource, FreeMarkets' industry-leading self-service e-sourcing application.
By adding QuickSource, Visteon is empowering its sourcing professionals to create their own online markets for goods and services right from their desktops. The company will also continue to use FreeMarkets' FullSource solution under the terms of a five-year strategic agreement that began in June 2000. To date, Visteon has auctioned more than $1 billion worth of supply contracts through FreeMarkets.
"Visteon is at the forefront of e-sourcing in the global automotive industry, and we are pleased that they have chosen to expand their e-sourcing portfolio to include our QuickSource solution," said Dan Willmer, director and general manager of the Automotive Sector at FreeMarkets. "By continuing to adopt and implement leading-edge e-sourcing software and service solutions, Visteon is poised to meet its strategic sourcing goals, and we are pleased to be supporting their efforts."
About QuickSource
A versatile, hosted application, QuickSource provides companies with all of the technology features they need to conduct effective online negotiations right from their desktops. Leveraging the web-deployed technology features and functionality of QuickSource, professional buyers can create and post online Requests for Quote (RFQ); collaborate with and manage suppliers; create and run real-time, online markets; execute online negotiations; and conduct offline negotiations.
About FreeMarkets
FreeMarkets is the leading global provider of e-sourcing software and service solutions, and operates the world's largest sourcing market. 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 $25 billion in goods and services in more than 190 different supply verticals and identify savings of more than $5.2 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.
About Visteon
Visteon Corporation is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple channels within the global automotive aftermarket. Visteon has about 80,000 employees and a global delivery system of more than 160 technical, manufacturing, sales, and service facilities located in 25 countries.
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.