FreeMarkets Expands Relationship with Eaton
PITTSBURGH--May 6, 2003--Leading diversified manufacturer adds FreeMarkets(R) Spend Visibility
Solution to portfolio of global supply management tools to
maximize opportunities for savings and efficiencies
FreeMarkets, Inc. , the leading provider of global supply management (GSM) solutions, today announced that it has expanded its relationship with Eaton Corporation , a global $7.2 billion diversified industrial manufacturer. Under the terms of a newly-signed agreement, Eaton has expanded its portfolio of global supply management solutions to include FreeMarkets(R) Spend Visibility Solution. Eaton will use the integrated GSM offering to capitalize on opportunities for savings and efficiencies, while also continuing to leverage FreeMarkets(R) FullSource(TM), FreeMarkets(R) QS(TM) and FreeMarkets(R) Savings Implementation Solution. Eaton has been using FreeMarkets GSM solutions to support and advance its global supply management initiatives since 1999.
"Eaton's innovation extends well beyond its products. Early on, we committed to identifying new ways to do business that would create substantial value for our organization in the form of savings and process efficiencies," said Pavan Pattada, Global Manager, E-Commerce, Eaton. "FreeMarkets has been an integral part of our efforts to lower our costs and reduce our supply risk, and we are very pleased to be adding FreeMarkets Spend Visibility Solution to the portfolio of offerings that we use to advance our goals. Leveraging the unique combination of software, information and services these solutions provide, we can gain a better understanding of our global spend, and ultimately maximize our opportunities to generate savings and efficiencies that positively impact our bottom line."
Eaton has been using FreeMarkets Spend Visibility Solution since 2002. Under of the terms of the new agreement, the company will apply the solution more broadly across its organization to include a larger amount of spend collected from a greater number of sites.
"By expanding our use of FreeMarkets Spend Visibility Solution, we can obtain even deeper visibility into our data, which will allow us to more effectively manage our spend and identify even greater opportunities for leverage and collaboration," Pattada continued.
An integrated offering that combines powerful analysis software with data collection, cleansing and enhancement services, FreeMarkets Spend Visibility Solution allows companies to gain a deep, consolidated view of their global spend and perform actionable analyses in a repeatable, cost-effective manner.
"Eaton is a leader among diversified manufacturers in the use of technology to advance its strategic business objectives, and we are very pleased to be expanding our relationship with them," said Jay Odell, Director of Product Management, FreeMarkets. "By broadening its portfolio of technology-based solutions to include FreeMarkets Spend Visibility, Eaton is taking its global supply management efforts to the next level. In addition to lowering its total costs and reducing supply risk using FreeMarkets FullSource and QS, Eaton can now effectively analyze and manage its spend across its global organization. We look forward to continuing to work with Eaton and to providing them with the technology, information and services they need to achieve their most strategic business goals."
About Eaton
Eaton Corporation is a global $7.2 billion diversified industrial manufacturer that is a leader in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy; and intelligent truck systems for fuel economy and safety. Eaton has 48,000 employees and sells products in more than 50 countries.
About FreeMarkets
FreeMarkets is the leader in providing companies with software, services, and information for Global Supply Management (GSM). FreeMarkets' GSM solutions help companies to lower costs, reduce risks, and increase profitability by improving their supply management processes and expanding the reach and capabilities of their supply management organizations. 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 GSM 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.