Armstrong Teams with FreeMarkets to Enable Global Building Materials Company to Purchase Goods and Services Through B2B eMarketplace.Business Editors PITTSBURGH--(BUSINESS WIRE)--July 18, 2000 FreeMarkets, Inc. (Nasdaq:FMKT FMKT Freemarkets, Inc. (stock abbreviation, AMEX) ), the original and world's leading B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business eMarketplace, today announced that it has signed a new agreement with Armstrong World Industries Armstrong World Industries, Inc. is an international designer and manufacturer of floors, ceilings and cabinets. Based in Lancaster, Pennsylvania, Armstrong operates 39 plants in 10 countries and has approximately 13,000 employees worldwide. , Inc. (NYSE NYSE See: New York Stock Exchange :ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. ), a leading manufacturer and marketer of floor and ceiling products. Under the terms of the agreement, FreeMarkets will provide Armstrong with access to its B2B eMarketplace, which includes industry-leading online auction technology and services including: technical operations, industrial market making and access to a global database of suppliers. Armstrong's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European operations will use the FreeMarkets(R) B2B eMarketplace to conduct strategic purchasing for direct materials (goods that go into finished products), indirect materials and services. "Armstrong is committed to adopting cutting edge technologies that will enhance the strength of our operations, and we're aggressively embracing B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. initiatives to increase efficiency and effectiveness in our global purchasing operations," said Steven R. Borkgren, vice president of purchasing, Armstrong. "FreeMarkets has proven its ability to deliver results across a wide range of industries, and we look forward to using their B2B eMarketplace to create benefits for our organization and our customers." "Armstrong is a leading manufacturer of interior finishing materials with high standards of quality, and we are pleased that they have chosen our B2B eMarketplace to source strategic goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. for their operations worldwide," said Jim Zuffoletti, vice president and general manager of diversified manufacturing, FreeMarkets. "Our B2B eMarketplace has a proven track record of delivering savings to customers in the construction materials industry, and we look forward to helping Armstrong achieve savings on the purchase of goods and services while providing access to best-in-class suppliers worldwide." About Armstrong Armstrong World Industries is a global leader in the design, innovation and manufacture of interior finishing solutions, most notably floors and ceilings. Based in Lancaster, PA, Armstrong has approximately 18,000 employees worldwide. In 1999, Armstrong's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight totaled more than $3.4 billion. Additional information about the company can be found on the Internet at www.armstrong.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 cor·ru·gate v. cor·ru·gat·ed, cor·ru·gat·ing, cor·ru·gates v.tr. To shape into folds or parallel and alternating ridges and grooves. v.intr. 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 Owens Corning Corporation is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity November 1, 1938. , Eaton Corporation This article is about an industrial manufacturer. For other meanings see Eaton. Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2006 sales of $12.4 billion, putting it at 198 on the Fortune 500 for 2007. , Emerson Electric Company Emerson Electric Company NYSE: EMR was established in 1890 in St. Louis, Missouri, USA, by the brothers Charles and Alexander Meston along with the principal investor: John Wesley Emerson. The company was then known as Emerson Electric Manufacturing Co. , FirstEnergy Corp., SmithKline Beecham plc, Navistar International and Delphi Automotive Systems Corporation. FreeMarkets can be found on the Web at 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. |
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