FreeMarkets Announces Agreement with MacLean-Fogg
7 December 2000
FreeMarkets Announces Agreement with MacLean-Fogg
PITTSBURGH--Dec. 7, 2000--FreeMarkets Inc. , the leading B2B eMarketplace, today announced that it has signed an agreement with the MacLean-Fogg Company, a diversified manufacturing company serving the automotive, transportation equipment, electric utility and communications industries worldwide.
Under the terms of the agreement, FreeMarkets will provide MacLean-Fogg with access to its B2B eMarketplace, which MacLean-Fogg will use as a platform for sourcing goods and services for its operations.
"As a supplier to industries that are aggressively embracing e-sourcing solutions, it is critical that MacLean-Fogg adopt industry-leading technologies that can enhance the efficiency of our operations and our ability to deliver world-class products," said Paul Thomas, Vice President, Controller, MacLean-Fogg. "As a supplier in several FreeMarkets auctions, we experienced first-hand the value that the Company delivers. FreeMarkets not only provides suppliers like MacLean-Fogg with access to new, global business opportunities at no cost, but delivers substantial results to buyers in the form of both savings and reductions in sourcing process time. We are very pleased to be leveraging FreeMarkets' e-sourcing solutions and expertise to our benefit."
"MacLean-Fogg is an world-class diversified manufacturer and we are very pleased that they have chosen to use our B2B eMarketplace as both a supplier and now a buyer," said Kent Parker, vice president and general manager of the automotive sector at FreeMarkets. "MacLean-Fogg is exactly the kind of high-quality supplier that our global marketplace thrives on, and we are happy to provide them with access to new business opportunities. We look forward to serving them as a buyer, and to delivering savings and efficiencies that benefit their operations through our unique and powerful combination of technology, sourcing information and services."
About MacLean-Fogg
The MacLean-Fogg Company, based in Mundelein, Illinois, is a diversified manufacturing company serving the automotive, transportation equipment, electric utility and communications industries worldwide.
About FreeMarkets
FreeMarkets is the leading B2B eMarketplace. FreeMarkets combines its industry-leading technology platform with unparalleled sourcing information and world-class services to deliver huge savings to customers. FreeMarkets has executed over 6,800 online auctions for more than $10.6 billion worth of goods and services to date, and created estimated savings of nearly $2.0 billion for its customers. The FreeMarkets B2B eMarketplace enables buying organizations to source products from more than 150 supply verticals. More than 7,000 suppliers from over 55 countries have participated in the FreeMarkets B2B eMarketplace. The Company also operates FreeMarkets Asset Exchange, the leading B2B eMarketplace for surplus assets and inventory. FreeMarkets can be found on the Web at 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' earnings projections, plans, prospects, expectations, 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' B2B eMarketplace and new products and services that FreeMarkets introduces, the competitive nature of the market for business-to-business online auction and e-commerce services, FreeMarkets' ability to attract new customers, through its own efforts and through partnerships and alliances, to retain and increase revenue from existing customers and to attract new customers, FreeMarkets' ability to attract and retain qualified personnel, the size of the market for used equipment and surplus inventory, the demand for online auction and other asset recovery services by buyers and suppliers, and FreeMarkets' ability to integrate acquisitions and manage growth. You should carefully review these and other risk factors that are described in more detail in FreeMarkets' filings with the Securities and Exchange Commission.