ChemConnect $70 Million Funding Round Attracts Global Chemical, Technology Companies and Top Investment Partners.Business/Technology Editors SAN FRANCISCO--(BUSINESS WIRE)--March 6, 2000 Twenty-seven leading global chemical and technology companies pledge support; new financial investors include Morgan Stanley and Vulcan Ventures ChemConnect Inc., the largest global Internet exchange for chemicals and plastics, today announced it is completing a $70 million round of private equity financing. The backing comes from twenty new chemical and plastics industry investors, one new strategic investor and two new venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: , and includes further funding from earlier industry and financial investors. Most of the chemicals and plastics industry investors have already announced their intentions to use the World Chemical Exchange as their preferred third party e-commerce solution for the sale and/or purchase of chemicals and plastics. These investors from around the world include: BASF; Borealis; BP Amoco Chemicals (NYSE NYSE See: New York Stock Exchange :BPA BPA British Paediatric Association. ); Celanese (NYSE:CZ); CK Witco (NYSE:CNW); DSM 1. DSM - Data Structure Manager. An object-oriented language by J.E. Rumbaugh and M.E. Loomis of GE, similar to C++. It is used in implementation of CAD/CAE software. DSM is written in DSM and C and produces C as output. N.V.; Geon (NYSE:GON); GE Plastics (NYSE:GE); Imperial Chemicals Industries, PLC (NYSE:ICI (language) ICI - An extensible, interpretated language by Tim Long with syntax similar to C. ICI adds high-level garbage-collected associative data structures, exception handling, sets, regular expressions, and dynamic arrays. ); Mitsui & Co. (U.S.A.) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MITSY); Marubeni America Corporation; Mitsubishi Corporation, Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : #8058); Occidental Chemical Corporation (NYSE:OXY); PPG Industries (NYSE:PPG); Reichhold, Inc.; Saudi Basic Industries Corporation; Solutia Inc. (NYSE:SOI); Sterling Chemicals, Inc. (OTC:STXX); Sumitomo Corporation (TSE: #8053); The Titan/Westlake Group. These industry investors will now become Charter Members of the World Chemical Exchange, taking seats at ChemConnect's e-Commerce Roundtable. In addition, The Dow Chemical Company The Dow Chemical Company (NYSE: DOW TYO: 4850 ) is an American multinational corporation headquartered in Midland, Michigan. Overview The Dow Chemical Company is currently the second largest chemical manufacturer in the World (after BASF)[1]. (NYSE:DOW), Eastman Chemical Company Eastman Chemical Company is a United States based chemical company, engaged in the manufacture and sale of chemicals, plastics and fibers. Eastman has 16 manufacturing sites in 10 countries, supplying its products throughout the world. (NYSE:EMN), and Rohm and Haas Rohm and Haas Company (NYSE: ROH), a Philadelphia, Pennsylvania based company, manufactures miscellaneous materials. A Fortune 500 Company, Rohm and Haas employs more than 17,000 people in 27 countries. The annual sales revenue of Rohm and Haas stands at about USD 8.2 billion. (NYSE:ROH) have increased their equity investments in ChemConnect. Morgan Stanley Dean Witter and Co. and Vulcan Ventures join Goldman Sachs , Institutional Venture Partners (IVP) , Weiss, Peck & Greer, CMEA Ventures, and Highland Capital Partners Highland Capital Partners is a global venture capital firm with offices located in Boston, Silicon Valley, Geneva, and Shanghai. Since its inception in 1988, the firm has invested in more than 180 early and growth stage companies and taken a sector-focused approach to investing in in this latest round of financing. In addition, Enron North America, a subsidiary of Enron Corp. (NYSE:ENE), has also invested in ChemConnect and will be considered a strategic investor. Previous strategic investors, CMAI and ChemicalWeek Ventures, join them in this round of financing. "One of the most important criteria in selecting a B2B exchange is the depth and breadth of its membership. Today as ChemConnect closes this round of funding, leaders in every major sector of the chemicals and plastics industry have committed to the World Chemical Exchange both in terms of selecting it as their preferred global exchange and as charter members who will help ChemConnect define the next generation of B2B e-commerce," said John Beasley, ChemConnect, CEO. About ChemConnect ChemConnect is the Internet's largest global electronic marketplace for all types of chemicals and plastics. Manufacturers, buyers, and intermediaries, around the world, use ChemConnect's World Chemical Exchange, an open, neutral market, to find trading partners, negotiate pricing and complete transactions online. Founded in 1995, ChemConnect is headquartered in San Francisco, with offices in Houston, Philadelphia, Singapore, and London. Industry investors and Charter Members include BASF; Borealis; BP Amoco Chemicals; Celanese; CK Witco; The Dow Chemical Company; DSM N.V.; Eastman Chemical Company; Geon; GE Plastics; Imperial Chemicals Industries, PLC; Mitsui & Co. (U.S.A.), Inc.; Marubeni America Corporation; Mitsubishi Corporation; Occidental Chemical Corporation; PPG Industries; Reichhold, Inc.; Rohm & Haas; Saudi Basic Industries Corporation; Solutia Inc.; Sterling Chemicals, Inc.; Sumitomo Corporation; The Titan/Westlake Group. Strategic Investors include Andersen Consulting, ChemicalWeek Ventures, CMAI and Enron North America. Financial investors include Goldman Sachs, Morgan Stanley Dean Witter, Institutional Venture Partners (IVP), Weiss, Peck & Greer, CMEA Ventures, Highland Capital Partners, and Vulcan Ventures. For more information, visit the company's website at www.chemconnect.com. Note to Editors: ChemConnect is a registered trademark of ChemConnect, Inc. All other product, trademark, company or service names mentioned herein are the property of their respective owners. |
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