PITTSBURGH, Feb. 24 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's leading business-to-business online auction marketplace, today
announced that it has named Scott Grimes Vice President of Corporate Business
Development. In his newly created role, Mr. Grimes will spearhead
FreeMarkets' efforts to expand its business across the globe through strategic
relationships.
"Business development activities are a critical focus at FreeMarkets, and
Scott is a world class player in this area," said FreeMarkets Chairman and CEO
Glen Meakem. "We are thrilled to be adding him to our executive team and are
confident he will create important new strategic relationships that will
enhance our efforts to expand our business globally."
Mr. Grimes, 37, comes to FreeMarkets from Paging Network Inc., the leading
provider of wireless messaging and information services across the U.S. and
Canada. Most recently, Mr. Grimes served as senior vice president of
corporate development for Vast Solutions, a PageNet subsidiary that provides
wireless data communication and software solutions to businesses. Prior to
joining PageNet, Mr. Grimes was a principal in the Los Angeles office of
McKinsey & Company, Inc., where he focused on strategy, M&A and marketing
issues in the semi-conductor, telecommunications, energy, healthcare, media
and consumer goods industries. Before joining McKinsey & Company, Mr. Grimes
spent 10 years with Schlumberger Limited in San Jose.
Mr. Grimes holds a B.S. in electrical engineering from Union College and
an M.B.A. from Stanford University.
"FreeMarkets pioneered the concept of online market making and is
recognized globally as the leader in its space," Mr. Grimes said. "I'm happy
to be joining the company and helping to expand its reach both nationally and
internationally."
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.
SOURCE FreeMarkets, Inc.
 back to top
Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com
|
