DaimlerChrysler Division to Conduct Purchasing
Through FreeMarkets Online Auction Marketplace(R)
PITTSBURGH, Feb. 22 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's leading online auction marketplace, today announced that it has signed
an agreement with DaimlerChrysler Aerospace AG, a division of DaimlerChrysler
(NYSE: DCX). Under the terms of the agreement, FreeMarkets will provide
DaimlerChrysler Aerospace with access to its online auction marketplace, which
the division will use to conduct purchasing. FreeMarkets will serve
DaimlerChrysler Aerospace through its European operations in Brussels,
Belgium.
"Using our unique combination of online auction technology, industry
expertise, market making services and global reach, we have created tremendous
value for a number of our clients in the aerospace industry," said FreeMarkets
Chairman and CEO Glen Meakem. "We are pleased that DaimlerChrysler Aerospace
has recognized the value of the technology and services we provide, and are
happy to be supporting their purchasing efforts in Europe."
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 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 further 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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