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News

Major chemical companies launch e-marketplace for transactions, logistics& supply chain management

Rohm & Haas Co : 17 May, 2000  (Company News)
ATOFINA, BASF, Bayer, BP Amoco, Dow, DuPont, Mitsui Chemicals, Mitsubishi Chemicals, Rhodia, Rohm and Haas, Sumitomo Chemical and Van Waters & Rogers announced today they have agreed in principle to create a new business-to-business e-commerce company that will operate the premier on-line marketplace for the chemical industry worldwide.
The size of the targeted market is estimated to be $400 billion. The new enterprise will offer open participation to other qualified chemical companies around the world.

The B2B company will be uniquely positioned to leverage the assets and industry experience of the world's leading chemical firms, creating a robust on-line marketplace that will address supply chain inefficiencies and offer integrated solutions and services for buying and selling basic, intermediate, specialty and fine chemicals.

This new chemicals B2B electronic marketplace will enable deep connectivity between the different Enterprise Resource Planning systems of suppliers and buyers. It will also facilitate global customer relationships and lower fulfillment costs by moving existing business processes onto the web.

Designed to be open and inclusive, this neutral marketplace will include the supplier-to-supplier, supplier-to-customer and distributor markets, with important consideration for end-use markets, including formulators, converters, processors and fabricators. The company will have a strong supply chain focus and, unlike other Internet chemical market exchanges, it will concentrate primarily on contractual sales that represent most of the worldwide chemical market today. This model will help streamline existing supply chain activities by providing a one-stop shopping platform and greater transparency in planning processes. Through more integrated forecasting of product and logistics needs, the marketplace will enable participants to maximize utilization of resources, reduce inventory carrying costs and ultimately deliver better service to customers.

The company, which will be established in July 2000 and have operational business services in place by the end of this year, will be an independent entity with its own management team and board of directors. Its initial capitalization plan will be in excess of US$150 million. Morgan Stanley Dean Witter has agreed to serve as financial advisors.
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