FreeMarkets Conducts First-Ever Online Reverse Auctions in India.Business & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Editors Company conducts over 50 auctions for more than $42 million (196 crores) to date; generates savings of more than 9% for Indian buyers; provides access to over $135 million (630 crores) in new business opportunities for more than 100 Indian suppliers PITTSBURGH--(BUSINESS WIRE)--Nov. 5, 2000 FreeMarkets, Inc. (Nasdaq:FMKT FMKT Freemarkets, Inc. (stock abbreviation, AMEX) ), the 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 created the first-ever reverse auctions in India. The company has created over 50 auctions for more than $42 million (196 crores) in 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. to date. The auctions generated savings of more than 9 percent for Indian buyers and provided access to over $135 million (630 crores) new business opportunities for more than 100 Indian suppliers. "We are very pleased to be bringing the power of the FreeMarkets(R) B2B eMarketplace to buyers and suppliers throughout India," said Amit Bhatia, vice president and general manager of FreeMarkets' Indian operations. "By participating in our marketplace, Indian buyers and suppliers join a global network of corporations and manufacturers who are revolutionizing the way goods and services are sourced. They are also reducing their costs and sourcing process time, enhancing efficiencies and identifying new, global business opportunities." Leveraging its industry-leading technology, unparalleled sourcing information and world-class services, FreeMarkets has created over 50 online markets for a wide range of goods and services, including PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. film, glassware, capsules, vitamins, road freight, paper, malted barley barley, annual cereal plant (Hordeum vulgare and sometimes other species) of the family Gramineae (grass family), cultivated by humans probably as early as any cereal. , laminates, iodine iodine (ī`ədīn, –dĭn) [Gr.,=violet], nonmetallic chemical element; symbol I; at. no. 53; at. wt. 126.9045; m.p. 113.5°C;; b.p. 184.35°C;; sp. gr. 4.93 at 20°C;; valence −1, +1, +3, +5, or +7. , chemicals automotive components and electric motors to date. In creating the markets, FreeMarkets worked closely with Indian buyers to prepare detailed Requests for Quote (RFQ RFQ Request For Quote RFQ Request For Quotation RFQ Request for Qualifications (part of a potential client's preliminary selection process) RFQ Radio Frequency Quadrupole (accelerator technology) ) and identify high-quality Indian suppliers who could provide the goods and services being sourced. FreeMarkets then trained suppliers in the use of its BidWare technology, the engine that powers FreeMarkets' online auctions in which suppliers can submit and respond to bids in real time. "In many areas of India, access to technology is limited," Mr. Bhatia said. "But FreeMarkets does not allow technology to be a barrier to participating in its eMarketplace. We do whatever it takes to make our markets successful." More than 100 suppliers, all India-based, participated in the FreeMarkets auctions and competed for the opportunity to win the more than $135 million (630 crores) worth of business up for bid. When the auctions were complete, buyers had saved more than 9 percent over the prices they had previously paid. And more than a dozen suppliers had won contracts for new business. "Like the auctions FreeMarkets has been creating since 1995, these Indian auctions delivered substantial results," Mr. Bhatia said. "We look forward to working with buyers at Indian companies This is a list of major companies based in India. Please note that the list is highly incomplete and does not have every company of all sizes. More information about the companies can be found in the links to the company articles. A
FreeMarkets serves customers in India from its office in New Delhi New Delhi (dĕl`ē), city (1991 pop. 294,149), capital of India and of Delhi state, N central India, on the right bank of the Yamuna River. . Among the customers FreeMarkets' has served through its India operations to date: Carrier Corporation, John Deere, Bayer, Dana, Eaton, Emerson Electric, BP Amoco, SmithKline Beecham, Cooper Industries Cooper Industries NYSE: CBE is one of the oldest large companies in the United States, having been founded in 1833 as a partnership in Mount Vernon, Ohio. Incorporated in Ohio as The C. & G. and others. 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 6,800 online auctions for more than $10.5 billion worth of goods and services to date, and created estimated savings of nearly $2.0 billion for its customers. The FreeMarkets B2B eMarketplace enables buying organizations to source products from more than 150 supply verticals. More than 7,000 suppliers from over 55 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 www.freemarkets.com. FreeMarkets is a registered trademark of FreeMarkets, Inc. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements in this press release that are not historical facts, including those statements that refer to FreeMarkets' earnings projections, plans, prospects, expectations, strategies, intentions, 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or 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 and new products and services that FreeMarkets introduces, the competitive nature of the market for business-to-business online auction and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. services, FreeMarkets' ability to attract new customers, through its own efforts and through partnerships and alliances, 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 and manage growth. You should carefully review these and other risk factors that are described in more detail in FreeMarkets' filings with the Securities and Exchange Commission. |
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