FreeMarkets, Inc. (Nasdaq:FMKT), the leading B2B eMarketplace, and H.J. Heinz Company (NYSE:HNZ), one of the world's leading marketers of branded foods, announced today that they have signed an agreement for FreeMarkets to provide access to its B2B eMarketplace, which Heinz is using as a platform for sourcing goods and services for its operations worldwide.
"As part of our long-standing commitment to change, expansion and growth, Heinz is aggressively adopting and implementing innovative technologies that enhance the performance of our global marketing, logistics and production around the world," said Heinz Vice President and Chief Procurement Officer Scott Allen. "FreeMarkets is a key piece of our e-sourcing strategy, and we look forward to leveraging the company's technology, information and services to enhance the efficiency of our sourcing process and create benefits for our organization and its shareholders."
"Heinz is not only a powerful global food marketer, but a leader among consumer companies in the use of cutting-edge technologies that benefit its operations," said Jason Reneau, director of consumer business at FreeMarkets. "We are very pleased that Heinz is choosing our B2B eMarketplace as part of its e-sourcing strategy to deliver savings and reduced sourcing process time to Heinz's operations around the globe."
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 5,000 online auctions for more than $7.6 billion worth of goods and services to date, and created estimated savings of nearly $1.5 billion for its customers. The FreeMarkets B2B eMarketplace enables buying organizations to source products from more than 130 supply verticals. More than 5,600 suppliers from over 50 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.
About Heinz
With sales over US$9 billion, H. J. Heinz Company is one of the world's leading marketers of branded foods to supermarkets and away-from-home eating establishments. Its 50 companies operate in some 200 countries, offering more than 57 hundred varieties. Among the company's famous brands are Heinz, StarKist, Ore-Ida, 9-Lives, Weight Watchers, Wattie's, Plasmon, Farley's, Smart Ones, The Budget Gourmet, Linda McCartney, San Marco, GoAhead!, Bagel Bites, John West, Petit Navire, Boston Market, Skippy, Kibbles 'n Bits, Pounce, Wagwells, Nature's Recipe, Orlando, ABC, Olivine and Pudliszki. Information on Heinz is available at www.heinz.com.
Forward-looking statements
Statements in this press release that are not historical facts, including those statements that refer to FreeMarkets' and Heinz's plans, prospects, expectations, strategies, intentions, hopes and beliefs, are forward-looking statements. These forward-looking statements are based on information available to FreeMarkets and Heinz today, and neither of them assumes any 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' online auction marketplace, the competitive nature of the market for business-to-business online auction services, FreeMarkets' ability to retain and increase revenue from existing clients and to attract new clients, 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' and Heinz's filings with the Securities and Exchange Commission.
"As part of our long-standing commitment to change, expansion and growth, Heinz is aggressively adopting and implementing innovative technologies that enhance the performance of our global marketing, logistics and production around the world," said Heinz Vice President and Chief Procurement Officer Scott Allen. "FreeMarkets is a key piece of our e-sourcing strategy, and we look forward to leveraging the company's technology, information and services to enhance the efficiency of our sourcing process and create benefits for our organization and its shareholders."
"Heinz is not only a powerful global food marketer, but a leader among consumer companies in the use of cutting-edge technologies that benefit its operations," said Jason Reneau, director of consumer business at FreeMarkets. "We are very pleased that Heinz is choosing our B2B eMarketplace as part of its e-sourcing strategy to deliver savings and reduced sourcing process time to Heinz's operations around the globe."
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 5,000 online auctions for more than $7.6 billion worth of goods and services to date, and created estimated savings of nearly $1.5 billion for its customers. The FreeMarkets B2B eMarketplace enables buying organizations to source products from more than 130 supply verticals. More than 5,600 suppliers from over 50 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.
About Heinz
With sales over US$9 billion, H. J. Heinz Company is one of the world's leading marketers of branded foods to supermarkets and away-from-home eating establishments. Its 50 companies operate in some 200 countries, offering more than 57 hundred varieties. Among the company's famous brands are Heinz, StarKist, Ore-Ida, 9-Lives, Weight Watchers, Wattie's, Plasmon, Farley's, Smart Ones, The Budget Gourmet, Linda McCartney, San Marco, GoAhead!, Bagel Bites, John West, Petit Navire, Boston Market, Skippy, Kibbles 'n Bits, Pounce, Wagwells, Nature's Recipe, Orlando, ABC, Olivine and Pudliszki. Information on Heinz is available at www.heinz.com.
Forward-looking statements
Statements in this press release that are not historical facts, including those statements that refer to FreeMarkets' and Heinz's plans, prospects, expectations, strategies, intentions, hopes and beliefs, are forward-looking statements. These forward-looking statements are based on information available to FreeMarkets and Heinz today, and neither of them assumes any 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' online auction marketplace, the competitive nature of the market for business-to-business online auction services, FreeMarkets' ability to retain and increase revenue from existing clients and to attract new clients, 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' and Heinz's filings with the Securities and Exchange Commission.
