International Truck and Engine Selects FreeMarkets Savings Implementation Solution
PITTSBURGH--Nov. 20, 2002--Leading manufacturer of trucks, buses and mid-range diesel engines
will use integrated offering to speed adoption of new suppliers,
drive savings and efficiencies to the bottom line more quickly
FreeMarkets, Inc. , the leading global provider of enterprise sourcing software and services, today announced that International Truck and Engine Corporation, the operating company of Navistar International Corporation , and a leading producer of mid-range diesel engines, medium trucks, heavy trucks, severe service vehicles, and bus chassis, has selected FreeMarkets(R) Savings Implementation Solution. Under the terms of a newly-signed agreement, International Truck will leverage FreeMarkets Savings Implementation Solution to speed its adoption of new suppliers and drive savings and efficiencies to its bottom line more quickly.
FreeMarkets Savings Implementation Solution is a unique combination of technology and services that helps companies overcome the challenges to adopting new suppliers by providing them with access to powerful software and expert resources to drive the supplier implementation process.
"Supplier implementation is among the most difficult tasks that sourcing organizations face," said Aaron Lopas, Director, Purchasing-Commodities, International Truck. "FreeMarkets understands the complexities involved in bringing new suppliers on board, and has developed a solution that specifically addresses them. FreeMarkets Savings Implementation Solution, provides us with both the software and services necessary to effectively drive the implementation process, and we intend to leverage the offering to deliver results to our organization more quickly."
Using FreeMarkets Savings Implementation Solution, International Truck will be able to:
| -- | Speed the process of adopting new suppliers and drive savings and efficiencies to the bottom line more quickly. |
| -- | Track and report potential and implemented savings generated by strategic sourcing efforts. |
| -- | Establish and manage a standardized, cross-functional implementation process that is commodity-specific, and used across an organization. |
| -- | Gain visibility into and establish accountability for the supplier adoption process. |
| -- | Leverage globally deployed implementation resources. |
"International Truck is a leader in the use of technology-enabled solutions that can enhance the quality of its products and efficiency of its operations," said Jay Odell, director of product management, FreeMarkets. "By adding FreeMarkets Savings Implementation Solution to their portfolio, International Truck is taking its sourcing efforts to new levels. By more effectively driving the process of adopting new suppliers, International will more quickly generate savings and process efficiencies that positively impact its organization and its bottom line."
FreeMarkets Savings Implementation Solution Key Features
In addition to skilled implementation resources, FreeMarkets Savings Implementation Solution also provides companies with access to industry-leading software, which they can leverage to effectively drive their adoption of new suppliers. Designed specifically to address the unique challenges of supplier implementation, this robust software features:
-- An Implementation Document library with permanent links to
relevant documents such as bill of material (BOM),
certification, quality and operational requirements.
-- Tools to transform implementation documents into a single
content format to facilitate easy viewing and sharing of
files, and an environment that facilitates collaboration on
these documents with redline/markup and discussion
capabilities.
-- A commodity-specific Implementation Process library that
enables companies to standardize processes and leverage them
across the organization.
-- Project and process management tools.
-- Technology to compress implementation documents to speed
access and document collaboration.
A hosted offering, FreeMarkets Savings Implementation Solution requires no investments in special hardware or software and places no burden on IT departments.
About International Truck and Engine
International Truck and Engine Corporation is the operating company of Navistar International Corporation . International Truck and Engine is a leading producer of mid-range diesel engines, medium trucks, heavy trucks, severe service vehicles, bus chassis and a provider of parts and service sold under the International(R) brand. The company also is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. Additionally, through a joint venture with Ford Motor Company, the company will build medium commercial trucks and currently sells truck and diesel engine service parts. A subsidiary, IC Corporation, produces integrated school buses. International Truck and Engine has the broadest distribution network in the industry. Financing for customers and dealers is provided through a wholly owned subsidiary of Navistar. Additional information can be found on the company's web site at www.internationaldelivers.com
About FreeMarkets
FreeMarkets is the leading global provider of enterprise sourcing software and services. Through a unique combination of industry-leading software, expert sourcing services, global commodity expertise, and operations support, FreeMarkets helps companies to achieve and sustain improved financial performance through next-generation sourcing. FreeMarkets' solutions support the entire sourcing process, from spend visibility and supply base rationalization to competitive negotiations and savings implementation. FreeMarkets can be found on the Web at www.freemarkets.com.
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' ability 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, and its other filings with the Securities and Exchange Commission.