Leading Asian Engineering Group to Purchase Custom Engineered
Products Through FreeMarkets(R) B2B eMarketplace
PITTSBURGH and SINGAPORE, April 11 /PRNewswire/ -- FreeMarkets, Inc.
(Nasdaq: FMKT), the world's leading B2B eMarketplace, and Singapore
Technologies Engineering (ST Engg), one of Asia's leading engineering groups,
today announced that they have signed an agreement. Under the terms of the
agreement, FreeMarkets will provide ST Engg with access to its B2B
eMarketplace, which the company will use to purchase custom engineered
products and services. Through FreeMarkets, ST Engg will create online
markets for these goods and services that involve suppliers globally.
FreeMarkets will serve ST Engg from its Market Operations Center in Pittsburgh
and its office in Singapore.
"Our agreement with FreeMarkets is one of several key initiatives we are
undertaking with regards to our supply chain management," said Boon Swan Foo,
President & CEO, ST Engg. "We had evaluated multiple alternatives for
purchasing custom engineered products and services, and ultimately, we were
impressed with FreeMarkets' proven track record in achieving substantial
procurement savings through their innovative B2B eMarketplace."
"We are very pleased that ST Engg has selected our B2B eMarketplace as
their platform for purchasing custom engineered products and services," said
Glen Meakem, Chairman and CEO of FreeMarkets. "ST Engg is a leading-edge
engineering company that is clearly focused on implementing innovative
procurement solutions and we look forward to serving them from both our
headquarters in Pittsburgh and operations in Asia."
About Singapore Technologies Engineering
Singapore Technologies Engineering (ST Engg) is the engineering arm of
Singapore Technologies, a technology-based multinational conglomerate
headquartered in Singapore. Public-listed since December 1997, ST Engg is one
of the largest companies by market capitalization on the Singapore Exchange.
ST Engg is an integrated engineering group specializing in the fields of
aerospace, electronics, land systems and marine. A leader in each of its core
businesses, the Group provides one-stop services for air, land and sea
platforms as well as systems-based solutions.
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 customers 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 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,
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 acquisitions. Risk factors are
described in more detail in FreeMarkets' filings with the Securities and
Exchange Commission.
For more information contact Karen Kovatch of FreeMarkets, 412-297-8767, or
kkovatch@freemarkets.com, or Shirley Tan of Singapore Technologies
Engineering, 65 2332883, or shirleyt@st.com.sg.
SOURCE FreeMarkets, Inc.
 back to top
Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com, or Shirley Tan of Singapore
Technologies Engineering, 65 2332883, or shirleyt@st.com.sg
|
