Eaton Bids Over $370 Million in Direct Materials Through the eMarketplace
29 June 2000
Company saves millions on springs, molded plastic, metal stampings, printed circuit boards and other raw materials used to build highly-engineered products
PITTSBURGH - FreeMarkets, Inc. , the original and world's leading B2B eMarketplace, today announced that Eaton Corporation , a global manufacturer of highly-engineered products that serve industrial, vehicle, construction, commercial, aerospace and semiconductor markets, has bid out over $370 million in direct materials through the FreeMarkets B2B eMarketplace.Eaton has been using FreeMarkets since 1998 and has saved millions of dollars on the purchase of a range of products including springs, molded plastic, metal stampings, printed circuit boards and raw materials.
"We have successfully used FreeMarkets to save millions on components that go directly into the products we produce for a range of markets," said Larry Oman, vice president of supplier resource management, Eaton. "Using the FreeMarkets B2B eMarketplace, we have not only been able to achieve a quick return on our investment, but we have been able to maintain the high level of quality that is critical to the products we produce."
"Eaton is a leading global manufacturer and we are pleased that they have chosen to purchase the parts that go into their sophisticated products through the FreeMarkets B2B eMarketplace," said Glen Meakem, chairman and CEO of FreeMarkets. "We are proud of the results we have helped Eaton generate and look forward to creating additional competitive markets that generate value for the company."
About FreeMarkets
FreeMarkets is the original and world's leading B2B eMarketplace, with online markets for industrial parts, raw materials, commodities and services. The Company has executed online auctions for over $5.4 billion of purchase orders to date, and created potential estimated savings of more than $1 billion for its customers. Since 1995, FreeMarkets has created online auctions for products in more than 100 supply verticals, including injection molded plastic parts, commercial machinings, metal fabrications, chemicals, printed circuit boards, corrugated packaging and coal. More than 4,000 suppliers from over 50 countries have participated in the FreeMarkets B2B eMarketplace. FreeMarkets is the only B2B eMarketplace that includes industry-leading online auction technology, technical operations, industrial 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 customers include Visteon Corporation, 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.