Global Engineering-Construction Firm to Conduct Purchasing
Through FreeMarkets(R) B2B eMarketplace
PITTSBURGH, March 20 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's leading B2B eMarketplace, today announced that it has signed a new
agreement with Bechtel Corporation, a premier engineering, construction,
development, and management organization headquartered in San Francisco, with
more than 60 offices worldwide. Under the terms of the agreement, FreeMarkets
will provide Bechtel with access to its B2B eMarketplace.
"Bechtel is a world-class engineering and construction company with
extremely high standards of excellence, ethics and integrity," said Glen
Meakem, chairman and CEO of FreeMarkets. "We are extremely pleased that they
are choosing to purchase some of their goods and services through our
eMarketplace, and are committed to helping Bechtel maintain its tradition of
working closely with its clients and key suppliers to deliver extremely high-
value and best-in-class quality on its impressive array of projects
worldwide."
"FreeMarkets' eMarketplace will be one of the methods Bechtel uses to
acquire goods and services," said Jack Futcher, senior vice president and
manager of Bechtel Procurement. "We are pleased to be working with them."
About FreeMarkets
FreeMarkets is the world's leading B2B eMarketplace, with online auction
markets 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 the FreeMarkets B2B eMarketplace. FreeMarkets provides access to its
eMarketplace to industrial buyers and suppliers. The FreeMarkets B2B
eMarketplace includes industry-leading online auction technology, technical
operations, 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
The Commonwealth of Pennsylvania, 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, 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 successfully integrate iMark.com. Risk factors are
described in more 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.
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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