Premier dairy exchange combines forces with a leading food and beverage industry e-market to enhance internet platform development, customer base and economies of scale
DALLAS, Dec. 6, 2000 – Today, Dairy.com, an independent, neutral internet exchange serving the dairy industry, and INC2inc Technologies Corporation, an established business-to-business replenishment e-market and supply chain solution for the food and beverage industry, announced their merger and the formation of a parent company named Momentx. Momentx will leverage Dairy.com and INC2inc’s complementary strengths and considerable synergies to accelerate development of their e-market solutions. As operating units of Momentx, Dairy.com and INC2inc will continue to pursue their existing missions and operate distinct e-markets.
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“Today represents an important and exciting milestone for Dairy.com and INC2inc customers,” stated Scott Sexton, President of INC2inc. “This combination will significantly accelerate product development and provide our customers with the comprehensive solutions and support services essential to maximize the benefits of e-commerce.”
The merger with Dairy.com gives INC2inc additional access to capital, customers, and technology including access to the dynamic bid-ask pricing exchange that is being built by Dairy.com. Over 45 food and beverage companies are currently transacting business over INC2inc’s e-market which was launched in March 2000.
The merger provides Dairy.com with an accomplished management team, an organization with proven success at developing and operating internet solutions, and INC2inc’s replenishment e-market technology. By obtaining a corporate infrastructure and proven technology, Dairy.com will get to market faster with its complete dairy focused e-market solution. In July 2000, Dairy.com was founded as an independent, neutral exchange by a broad consortium of eight leading dairy industry organizations including; Dairy Farmers of America, The Dannon Company (NYSE: DA), Dreyer’s Grand Ice Cream (Nasdaq: DRYR), Kraft Foods (NYSE: MO – Kraft Foods, Inc. is an operating company of Philip Morris Companies Inc.), Land O’Lakes, Leprino Foods, Schreiber Foods, and Suiza Foods (NYSE: SZA).
“In a quickly evolving business environment this merger allows both companies to more rapidly advance important initiatives,” explained Gregg Engles, Chairman of the Board and Chief Executive Officer of Suiza Foods. “There are many synergies between the two companies. We are excited about the management team we now have in place and their track record of delivering real solutions to their customers.”
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By GlobalData“This merger represents a tremendous leap forward in realizing the power of the internet for both dairy farmers, processors, and manufacturers,” added Gary Hanman, Chief Executive Officer of Dairy Farmers of America. “We remain committed to developing a site that is revolutionary for the dairy industry.”
Momentx will be headquartered in Dallas, Texas. Gregg Engles, Chairman of the Board and Chief Executive Officer of Suiza Foods, will serve as Chairman of the Board of Momentx and Scott Sexton, currently President of INC2inc, will serve as President. INC2inc’s 45 employees will become employees of Momentx and will be aligned to achieve the build out of additional functionality and to provide customer support for both the Dairy.com and INC2inc sites.
The combined company will continue to pursue the previously announced goals of Dairy.com and INC2inc. Dairy.com is on schedule to launch its first release in the first quarter of 2001 with live trading of select commodities including milk and cream, logistics estimating tools, and industry-focused content. INC2inc will continue to build out its replenishment functionality, streamlining the procurement process for ingredients and packaging, while continuing to enhance their existing solution.
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About INC2inc
INC2inc Technologies Corporation is e-inventing the food chain through its business-to-business e-market for the highly fragmented food and beverage manufacturing industry. INC2inc’s mission is to enable buyers and sellers to transact business on the web, eliminating inefficiencies, decreasing costs of doing business, and empowering communication, through its suite of collaborative commerce tools. For more information visit www.INC2inc.com.
About Dairy.com
Dairy.com is the first business-to-business online vertical exchange focused specifically on serving the entire U.S. dairy industry. Dairy.com is an independent neutral company whose services and tools will be open to all dairy industry participants. Dairy.com’s mission is to provide comprehensive internet tools to help the dairy industry create a better way of doing business. Five key functional platforms are under development for the site: a dairy commodity exchange, dairy farmer services, information tools, supply chain management tools and industry-focused community and content. Dairy.com was founded by a broad consortium of leading dairy industry organizations representing all segments of the industry – farmer owned cooperatives, milk, ice cream and yogurt processors and cheese manufacturers. For more information visit www.dairy.com.
About Momentx
Momentx is an e-market solution provider for the dairy and food and beverage industries and operates the INC2inc and Dairy.com e-markets. For more information visit www.momentx.com.
CONTACT INFORMATION:
INC2inc Dairy.com
Mary Jane Mortell Kelly Harder
KHJ Public Relations Edelman Public Relations Worldwide
(617) 241-8000 x114 (312) 297-7426
mmortell@khj.com kelly.harder@edelman.com
