Specialty Chemical Company to Purchase Goods and Services Through
FreeMarkets(R) B2B eMarketplace
PITTSBURGH, May 1 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's original and leading B2B eMarketplace, today announced that it has
signed a new agreement with Solutia, Inc. (NYSE: SOI), a leading manufacturer
of specialty chemicals. Under the terms of the agreement, FreeMarkets will
provide Solutia with access to its B2B eMarketplace, which the company will
use for strategic sourcing.
"We continue to evaluate the Internet landscape for tools that can benefit
Solutia," said Chip Merritt, director, E-Business, Solutia. "In the
procurement arena, FreeMarkets' unique model is one such tool."
"We are pleased that Solutia is choosing to use our B2B eMarketplace to
purchase goods and services that are critical to their business," said Glen
Meakem, chairman and CEO of FreeMarkets. "Solutia is a leader in the
specialty chemical industry in the use of innovative technologies, and we look
forward to helping them achieve results through our unique combination of
industry-leading technology, technical operations, market making services and
global database of suppliers."
About Solutia
Solutia (http://www.solutia.com) uses world-class skills in applied chemistry to
create solutions for customers, whose products are used by consumers every
day. The company is a world leader in performance films for laminated safety
glass and aftermarket applications; resins and additives for high-value
coatings; specialties such as aviation hydraulic fluid and environmentally
friendly cleaning solvents for aviation; an integrated family of nylon
products including high-performance polymers and fibers; and process
development and scale-up services for pharmaceutical fine chemicals.
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 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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