Electrical Products and Tools Manufacturer to Purchase Goods and Services
Through the FreeMarkets(R) B2B eMarketplace as Part of Strategic Sourcing
Initiative
PITTSBURGH, June 1 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
original and world's leading B2B eMarketplace, announced today that it has
signed an agreement with Cooper Industries, Inc. (NYSE: CBE), a worldwide
manufacturer of electrical products and tools and hardware. Under the terms
of the agreement, FreeMarkets will provide Cooper with access to its B2B
eMarketplace, which Cooper will use to purchase goods and services for its
worldwide facilities.
"Cooper is committed to implementing state-of-the-art technologies that
can help us leverage our resources and reduce the costs of the goods and
services we source for our operations," said Terry Klebe, senior vice
president, Strategic Sourcing for Cooper. "We believe FreeMarkets' B2B
eMarketplace auction technology will enable us not only to achieve significant
cost savings, but to further streamline our procurement procedures,
consolidate our supply base and enhance the effectiveness of our overall
operations."
"We are very pleased that Cooper Industries has chosen to integrate our
B2B eMarketplace technology into their Strategic Sourcing initiatives," said
Shane Tulloch, director and general manager of high technology business at
FreeMarkets. "We look forward to helping them identify savings on the goods
and services they purchase to enhance the efficiency of their procurement
process."
About Cooper Industries
Cooper Industries, with 1999 revenues of $3.9 billion, is a worldwide
manufacturer of electrical products and tools and hardware. Cooper offers its
electrical equipment customers a wide variety of products including circuit
protection products, fluorescent, incandescent and HID lighting fixtures,
emergency lighting, fire detection systems and security equipment, components
and systems to distribute and manage electrical power, electrical distribution
products, explosion-proof equipment, industrial and airport lighting and
sensor and control devices for power equipment. Cooper Industries also
manufactures an extensive line of electrical and pneumatic industrial power
tools, automated assembly systems and premium hand tools. Headquartered in
Houston, Texas, Cooper Industries employs more than 30,000 people at over
100 locations around the world. Additional information about Cooper is
available on the Company's Internet site: http://www.cooperindustries.com.
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'
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 attract 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 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.
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Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch, Senior Manager, Corporate
Communications of FreeMarkets, 412-297-8767, or
kkovatch@freemarkets.com
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