ChemConnect Experiences Its Sixth Consecutive Quarter of Increased Volume; Conducts Close to $2.4 Billion in Annualized Transaction Volume.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--April 12, 2001 Multiple Industries Embrace Company's E-Commerce Services and Benefit From Market Prices ChemConnect Inc., the company that operates the World Chemical Exchange(TM), offering buyers and sellers of chemicals and plastics a dynamic online marketplace supported by strategic e-commerce services, announced today that it recorded its sixth consecutive quarter of increased transaction volume on the World Chemical Exchange since Q4 1999. The World Chemical Exchange moved close to $2.4 billion in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. transaction volume in direct raw materials in Q1 alone, a 33% increase over Q4 2000. Average transaction values reached more than $1.1 million. FACTORS CONTRIBUTING TO GROWTH Significant factors for growth include ChemConnect's flexible technology, which is specifically designed to meet the needs of buyers and sellers of chemicals and plastics across multiple industries. ChemConnect's e-commerce services include: -- Corporate Trading Rooms: auctions for buyers and sellers of chemicals and plastics, that allows them to make decisions, not only on price, but also on delivery terms, levels of service and product specifications. To enhance its auction offer, ChemConnect introduced E-Procurement Services that offer proven methodologies, in-depth market and e-commerce expertise, and technology to achieve optimum auction results; -- Exchange Floor: where global buyers and sellers negotiate with each other, often for the first time, for lower volume chemicals; -- Commodities Floor: introduced in Q4 2000, a global marketplace where buyers and sellers trade high volume commodity chemicals in a firm bid/ask negotiation model. Many customers across multiple industries realized the benefits of ChemConnect's e-commerce services, including: -- A major household products producer saved approximately $700,000 or 15.6% on a oleochemical Oleochemicals are chemicals derived from biological oils or fats. They are analogous to petrochemicals which are chemicals derived from petroleum. The hydrolysis or alcoholysis of oils or fats form the basis of the oleochemical industry. purchase; -- A manufacturer of petrochemicals increased its profit margin by $275,000 in ninety minutes through an online auction; -- A specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. producer saved more than $800,000 through a reverse auction. The company saved more than six weeks compared to the normal procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. process. Delivering chemical and plastics buyers and sellers with a fast track to integrate e-commerce into their sales or sourcing process, ChemConnect's solution is browser-based, requiring minimal implementation costs, and with low hurdles for adoption: once approved, companies can begin doing business on the World Chemical Exchange immediately. With Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
"We're thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. to kick off Q1 with another milestone of success, six quarters of growth and counting," said John Robinson Several notable individuals have been named John Robinson: Politicians
About ChemConnect ChemConnect, Inc. (www.chemconnect.com) operates the World Chemical Exchange, offering buyers and sellers of chemicals and plastics a dynamic online marketplace supported by strategic e-commerce services. World Chemical Exchange Members have a choice of sales and procurement solutions that meet specific business requirements, and also benefit from ChemConnect's unmatched industry and e-commerce expertise. ChemConnect's online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. tools include the Exchange Floor, Corporate Trading Rooms The notion of "trading room" (sometimes used as a synonym of "trading floor", see below) is widely used in financial markets to refer to the office space where market activities are concentrated in investment banks or brokerage houses. , and the Commodities Floor. Founded in 1995, ChemConnect is headquartered in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] and has offices in Houston, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Paris, Philadelphia, Frankfurt, Rotterdam, and Singapore. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion