Relationship Expands FreeMarkets' Global Database of Suppliers; Provides NTMA
Members with Access to Substantial New Business Opportunities
PITTSBURGH, April 28 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's original and leading B2B eMarketplace, today announced that it has
formed an alliance with the National Tooling and Machining Association (NTMA),
a 2,700-member trade association representing tooling and machining companies
throughout the United States. The relationship will further expand
FreeMarkets' deep database of suppliers, and provide NTMA members who register
with FreeMarkets access to substantial new business opportunities.
NTMA members supply precision tooling and machining for vital industries
across the globe, including defense, automotive, aerospace, electronics, and
others.
Through the alliance with FreeMarkets, NTMA members will gain access to
the FreeMarkets(R) B2B eMarketplace, including industry-specific resources, at
no cost. They will also automatically be notified of business opportunities
matched to their unique strengths as such opportunities arise.
By partnering with the NTMA, FreeMarkets will enhance its global database
of suppliers, adding a highly-qualified group of custom manufacturing
companies that are potential suppliers of the specialized products industrial
customers often bid through the FreeMarkets B2B eMarketplace. In addition,
NTMA business forecast information will be featured on the FreeMarkets B2B
eMarketplace.
"Our alliance with the NTMA brings a highly-skilled network of domestic
tooling and machining suppliers to the FreeMarkets B2B eMarketplace," said
Douglas Wnorowski, vice president of supply markets and market operations at
FreeMarkets. "The NTMA alliance is a significant step in our effort to
continually increase the global network of suppliers participating in the
FreeMarkets eMarketplace."
To date, more than 4,000 qualified suppliers from over 50 countries have
participated in the FreeMarkets B2B eMarketplace. These suppliers have bid on
over $5.4 billion worth of purchasing contracts.
"Precision, custom-manufactured components are used in a range of vital
industries," said Tom Garcia, manager of marketing programs for NTMA and
general manager of the International Special Tooling and Machining Association
(ISTMA). "By teaming with FreeMarkets, we are providing our members with
access to tremendous business opportunities on a global scale."
About the NTMA
The National Tooling and Machining Association (NTMA) is the national
representative of over 2,700 precision custom manufacturing companies
throughout the United States. The tooling and machinery industry generates
sales in excess of $25 billion per year and supplies the necessary precision
tooling and machining for such vital industries as defense, automotive,
aerospace, appliance, business machines, electronics, agricultural implements,
ordnance, transportation, environmental, construction equipment, nuclear and
many more. NTMA members are located in 42 of the 50 states and are organized
into nearly 50 local federated chapters and tools centers throughout the
country.
About FreeMarkets
FreeMarkets is the original and world's leading B2B eMarketplace, with
online markets for industrial parts, raw materials, commodities and services.
The Company has executed online auctions for over $5.4 billion of purchase
orders to date, and created potential estimated savings of more than
$1 billion for its customers. Since 1995, FreeMarkets has created online
auctions for products in more than 100 supply verticals, including injection
molded plastic parts, commercial machinings, metal fabrications, chemicals,
printed circuit boards, corrugated packaging and coal. More than 4,000
suppliers from over 50 countries have participated in the FreeMarkets B2B
eMarketplace. FreeMarkets is the only B2B eMarketplace that includes
industry-leading 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 customers include Visteon
Corporation, 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'
B2B eMarketplace, the competitive nature of the market for business-to-
business online auction services, FreeMarkets' ability to retain and increase
revenue from existing customers and to attract new customers, 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
integrate acquisitions. Risk factors are described in more detail in
FreeMarkets' filings with the Securities and Exchange Commission.
For more information, contact Karen Kovatch, Senior Manager, Corporate
Communications of FreeMarkets, 412-297-8767, or kkovatch@freemarkets.com.
SOURCE FreeMarkets, Inc.
 back to top
Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch, Senior Manager, Corporate
Communications of FreeMarkets, 412-297-8767, or
kkovatch@freemarkets.com
|
