E-commerce firm ChemConnect signs 100th member

12 October 2000 18:43  [Source: ICIS news]

HOUSTON (CNI)--On-line chemicals marketplace ChemConnect said Thursday it has signed its 100^th corporate member, representing $1bn (Euro1.15bn) worth of minimum annual chemicals trading volume.

ChemConnect spokeswoman Michele Hincks said the 100^th chemicals firm to join the Internet-based trading site elected to remain anonymous, which is typical of most ChemConnect corporate members.

A ChemConnect corporate member must have a minimum of $250m in worldwide sales and must agree to post at least $10m worth of product sales on the ChemConnect site during the year. With its 100^th member, ChemConnect consequently is guaranteed a minimum of $1bn in chemicals trading through its World Chemical Exchange, although Hincks noted that many of the company's member firms move well past that $10m minimum trading volume.

The most recent announced corporate member at ChemConnect is Indianapolis, Indiana-based Great Lakes Chemical, which said in a statement that its buyers "across all areas of the company have committed to using ChemConnect's global exchange and reverse auction capabilities as a primary channel for chemicals purchasing."

Angelo Brisimitzakis, vice president for Great Lakes' global supply chain, said that "by joining forces with ChemConnect, Great Lakes achieves yet another milestone in our e-business strategy," adding that "the Internet has changed the face of doing business in the chemical sector."

In addition to Great Lakes, announced ChemConnect corporate members include BASF, Bayer, BP, Dow, Eastman, Repsol, Sabic and Sterling, among others.

By: Joe Kamalick
+1 713 525 2653

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