Omnexus to close transactional platform

04 December 2003

Plastics e-marketplace Omnexus will close down its transactional platform at the end of this month, the company has announced.

The e-commerce company, despite significant progress and several changes to its business model in the past three years, has not been able to achieve sufficient e-commerce adoption to support its marketplace, said COO Michael Walsh. In a letter to customers on November 13th, Walsh said “Omnexus has been at the forefront of e-commerce marketplaces and we are proud of what we have accomplished, but as your may know, e-commerce adoption rates have been much slower that originally projected.”

Omnexus, which was founded by Bayer, BASF, Dow, Dupont, and Ticona more than three years ago, will direct a significant portion of its transaction volume to Elemica and will complete an orderly wind-up of the company by year end. The move is expected to affect about 45 persons in North America and Europe.

Walsh said talks are underway with potential buyers for the e-marketing side of the business. He said that to date no buyers have surfaced for the technology platform.

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