Global Food Marketer Sourcing Goods and Services for Global Operations Through
the FreeMarkets(R) B2B eMarketplace
PITTSBURGH, Oct. 23, 2000 FreeMarkets, Inc. (Nasdaq: FMKT), the leading
B2B eMarketplace, and H.J. Heinz Company (NYSE: HNZ), one of the world's
leading marketers of branded foods, announced today that they have signed an
agreement for FreeMarkets to provide access to its B2B eMarketplace, which
Heinz is using as a platform for sourcing goods and services for its
operations worldwide.
"As part of our long-standing commitment to change, expansion and growth,
Heinz is aggressively adopting and implementing innovative technologies that
enhance the performance of our global marketing, logistics and production
around the world," said Heinz Vice President and Chief Procurement Officer
Scott Allen. "FreeMarkets is a key piece of our e-sourcing strategy, and we
look forward to leveraging the company's technology, information and services
to enhance the efficiency of our sourcing process and create benefits for our
organization and its shareholders."
"Heinz is not only a powerful global food marketer, but a leader among
consumer companies in the use of cutting-edge technologies that benefit its
operations," said Jason Reneau, director of consumer business at FreeMarkets.
"We are very pleased that Heinz is choosing our B2B eMarketplace as part of
its e-sourcing strategy to deliver savings and reduced sourcing process time
to Heinz's operations around the globe."
About FreeMarkets
FreeMarkets is the leading B2B eMarketplace. FreeMarkets combines its
industry-leading technology platform with unparalleled sourcing information
and world-class services to deliver huge savings to customers. FreeMarkets has
executed over 5,000 online auctions for more than $7.6 billion worth of goods
and services to date, and created estimated savings of nearly $1.5 billion for
its customers. The FreeMarkets B2B eMarketplace enables buying organizations
to source products from more than 130 supply verticals. More than 5,600
suppliers from over 50 countries have participated in the FreeMarkets B2B
eMarketplace. The Company also operates FreeMarkets Asset Exchange, the
leading B2B eMarketplace for surplus assets and inventory.
FreeMarkets can be found on the Web at http://www.freemarkets.com. FreeMarkets is
a registered trademark of FreeMarkets, Inc.
About Heinz
With sales over US$9 billion, H. J. Heinz Company is one of the world's
leading marketers of branded foods to supermarkets and away-from-home eating
establishments. Its 50 companies operate in some 200 countries, offering more
than 57 hundred varieties. Among the company's famous brands are Heinz,
StarKist, Ore-Ida, 9-Lives, Weight Watchers, Wattie's, Plasmon, Farley's,
Smart Ones, The Budget Gourmet, Linda McCartney, San Marco, GoAhead!, Bagel
Bites, John West, Petit Navire, Boston Market, Skippy, Kibbles 'n Bits,
Pounce, Wagwells, Nature's Recipe, Orlando, ABC, Olivine and Pudliszki.
Information on Heinz is available at http://www.heinz.com.
Forward-looking statements
Statements in this press release that are not historical facts, including
those statements that refer to FreeMarkets' and Heinz's plans, prospects,
expectations, strategies, intentions, hopes and beliefs, are forward-looking
statements. These forward-looking statements are based on information
available to FreeMarkets and Heinz today, and neither of them assumes any
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' and Heinz's filings with the Securities and
Exchange Commission.
SOURCE FreeMarkets, Inc. and H. J. Heinz Company
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Related links:
http://www.heinz.com
Company News On-Call:
http://www.prnewswire.com/comp/575757.html or fax,
800-758-5804, ext. 575757
CONTACT:
FreeMarkets, Karen Kovatch, 412-297-8767,
kkovatch@freemarkets.com, or Heinz, Debbie Foster, 412-456-5778,
debbie.foster@hjheinz.com
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