FreeMarkets(R) Online Auction Marketplace Continues
As Integral Part of Strategy
PITTSBURGH, Feb. 14 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX)
today reiterated the role of FreeMarkets, Inc. (Nasdaq: FMKT), the world's
leading online auction marketplace, in its global procurement strategy. UTC
said FreeMarkets auction technology and industrial market making services are
an integral part of its strategy, which it will continue to use to conduct
strategic purchasing.
"FreeMarkets is an integral part of our global procurement strategy and we
are committed to using their online auction marketplace to deliver savings and
efficiencies that benefit our organization and shareholders," said Kent
Brittan, UTC vice president of supply management.
"UTC is both a leader and an innovator in their industry, and we are
pleased to be providing them with access to our proprietary online auction
technology, industry expertise and market making services as part of their
overall procurement strategy," said Glen Meakem, chairman and CEO of
FreeMarkets.
About United Technologies
United Technologies Corp., based in Hartford, Conn., provides a broad
range of high technology products and support services to the building systems
and aerospace industries. Those products include Pratt & Whitney aircraft
engines, space propulsion systems and industrial gas turbines; Carrier
heating, air conditioning and refrigeration; Otis elevator, escalator and
people movers; Hamilton Sundstrand aerospace and industrial products; and
Sikorsky helicopters. A member of the Dow Jones Industrial Average, UTC's
1999 revenues were $24.1 billion. UTC has 148,300 employees, including
roughly 69,000 outside the U.S. Additional information on UTC is available on
the Internet at http://www.utc.com.
About FreeMarkets
FreeMarkets is the world's leading online auction marketplace 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 FreeMarkets auctions. FreeMarkets provides access to its online auction
marketplace to industrial buyers and suppliers. The FreeMarkets marketplace
includes proprietary 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 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 our 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.
SOURCE FreeMarkets, Inc.
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Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com
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