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FreeMarkets Announces Agreement with Magneti Marelli

2 November 2000

FreeMarkets Announces Agreement with Magneti Marelli

    PITTSBURGH--Nov. 2, 2000--FreeMarkets, Inc. , the leading B2B eMarketplace, today announced that it has signed an agreement with Magneti Marelli, an international leader in the design and production of high-tech component systems and modules for the automotive industry.
    Under the terms of the agreement, FreeMarkets will provide Magneti Marelli Powertrain Systems with access to its B2B eMarketplace for a selected number of components in order to verify the opportunities that online sourcing can offer.
    "As one of the world's leading automobile suppliers it is important for us to start to test on the market place new ways of purchasing goods and services," says Umberto Basilari, Purchasing Vice President of Magneti Marelli. " We are confident that innovative technological approaches in this area such as those which FreeMarkets is providing will allow us to achieve both savings and reductions in sourcing process time, and to meet all the same the high standards of quality our customers expect."
    "We are very pleased that a leader like Magneti Marelli has chosen to integrate the FreeMarkets B2B eMarketplace into its procurement process," said Daniel Wilson, vice president and managing director of European operations at FreeMarkets. "We look forward to wokring with Magneti Marelli to deliver the same savings and efficiencies that we are delivering to other Global 1000 corporations across the globe."