FreeMarkets Expands U.S. Operations With Two New Offices
8 March 2000
FreeMarkets Expands U.S. Operations With Two New Offices
Operations in Detroit and San Jose Strengthen Company's Ability to Serve
Clients in Automotive and Technology Industries
PITTSBURGH, March 8 FreeMarkets, Inc., , the
world's leading B2B eMarketplace, today announced the establishment of new
facilities in Detroit and San Jose to support continued growth in the number
of clients and suppliers using the FreeMarkets(R) B2B eMarketplace.
FreeMarkets' Detroit facility provides dedicated support to the company's
clients in the automotive industry, while the San Jose office provides a West
Coast base of operations from which FreeMarkets serves clients in the
technology sector.
Located in the heart of the U.S. automotive industry, the Detroit office
is focused on supporting FreeMarkets' automotive clients. To date, Tier One
automotive manufacturers and OEMs have used the FreeMarkets eMarketplace to
save over $100 million on the purchase of both direct materials used to
manufacture automobiles and indirect materials used to support operations.
FreeMarkets' San Jose facility provides a central location from which the
company can serve both clients and suppliers located on the West Coast. The
office has resources dedicated to supporting the growth FreeMarkets has
experienced in creating online markets for goods and services in the
technology sector.
"Our success in providing Global 1000 corporations with a well-run B2B
eMarketplace for their strategic sourcing is what's driving our continued
expansion," said Glen Meakem, chairman and CEO of FreeMarkets. "Our clients
rely on us not only for access to the world's most successful B2B
eMarketplace, but to provide the on-the-ground support that ensures they
achieve real savings in sourcing process time and money. That's why we're up
and running globally with headquarters in Pittsburgh, PA, offices in Brussels,
Singapore, Hong Kong, India and now Detroit and San Jose."
About FreeMarkets
FreeMarkets is the world's leading B2B eMarketplace, with online auction
markets for industrial parts, raw materials, commodities and services. The
Company created online auctions for over $2.7 billion worth of purchase orders
in 1999 and nearly $1.0 billion worth of purchase orders in 1998. Since 1995,
FreeMarkets has created online auctions for products in more than 70 supply
verticals, including injection molded plastic parts, commercial machinings,
metal fabrications, chemicals, printed circuit boards, corrugated packaging
and coal. More than 3,000 suppliers from over 45 countries have participated
in the FreeMarkets B2B eMarketplace. FreeMarkets provides access to its
eMarketplace to industrial buyers and suppliers. The FreeMarkets eMarketplace
includes industry-leading online auction technology, technical operations,
market making services, access to a global database of suppliers and supplier
research, call center support to buyers and suppliers in over 30 languages,
and marketplace rules. The Company's current clients include United
Technologies Corporation, The Quaker Oats Company, Owens Corning, Eaton
Corporation, Emerson Electric Company, FirstEnergy Corp., SmithKline Beecham
plc, Navistar International and Delphi Automotive Systems Corporation.
FreeMarkets can be found on the Web at http://www.freemarkets.com. FreeMarkets is a
registered trademark 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,
strategies, intentions, hopes 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'
online auction marketplace, the competitive nature of the market for business-
to-business online auction services, FreeMarkets' ability to retain and
increase revenue from existing clients and to execute agreements with new
clients, and FreeMarkets' ability to attract and retain qualified personnel.
These and other risk factors are described in detail in FreeMarkets'
prospectus dated December 9, 1999, which is included as part of its
Registration Statement on Form S-1, filed with the Securities and Exchange
Commission.
For more information contact Karen Kovatch of FreeMarkets, 412-297-8767, or
kkovatch@freemarkets.com.