FreeMarkets and Owens Corning Announce New Agreement

04 January 2001

FreeMarkets, Inc. the leading B2B eMarketplace, and Owens Corning, a world leader in building materials and composites systems, today announced that they have signed a new, two-year agreement. Under the terms of the agreement, which extends through 2002, FreeMarkets will continue to provide Owens Corning with access to its B2B eMarketplace, which Owens Corning will use as a platform for sourcing strategic direct and indirect materials and other goods and services for its operations worldwide. "We are very pleased to be extending our relationship with FreeMarkets," said Chuck Dana, vice president of global sourcing, Owens Corning. "FreeMarkets is unmatched in its ability to handle and project manage complex direct and indirect material spend and deliver results, and has been integral to our continuing innovation in strategic sourcing. We look forward to continuing to leverage FreeMarkets' technology and market making expertise to achieve significant savings on materials used in our products and supporting services." Owens Corning has been using FreeMarkets as part of its strategic sourcing and e-commerce initiatives since 1999. To date, the company has sourced more than $125 million in goods and services through the FreeMarkets(R) B2B eMarketplace, and identified over $9 million in annual savings.

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