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Covisint and ForgeFinder Partner to Offer Value-added Services
ForgeFinder leader in expert sourcing services
Amsterdam, 11th March, 2003 -
Covisint, the global independent e-business environment for the automotive industry, and ForgeFinder, the only e-business marketplace dedicated exclusively for the forged metals industry, announced today that the companies have agreed to a global alliance to provide expert sourcing services to automotive forged metal buyers.
Covisint and its customers will benefit from ForgeFinder’s in-depth knowledge of the forged metal industry and its strong, existing relationships with suppliers. ForgeFinder offers an additional range of value-added services from initial sourcing through to, logistics and delivery support, thereby facilitating the post-bidding period for both purchaser and supplier. In return, this agreement will offer ForgeFinder access to OEM and senior tier forging buyers who remain loyal to the Covisint brand.
The alliance announced today focuses on strategic sourcing for the forged metals industry, but lays the foundations for the co-development of additional vertical marketplaces, specifically for cast metals, stamped metals and injection moulded plastics.
Lars Olrik, Managing Director, Covisint Europe said: "Our automotive clients are looking for the next level of service from e-commerce. This alliance with ForgeFinder enables us to extend our value chain beyond sourcing and contract award, through to the actual delivery of product to the customer. It gives us the ability to drill down into a vertical market and deliver, in accordance with customer demand, specialised expertise to our customers."
Sizing the value of this opportunity, Olrik added: "Auto and light-truck annual spending on forgings are estimated at over $ 9 billion in the US and Europe combined. The total of all forgings used globally in the automotive industry is in excess of $ 14 billion. In addition to the service advantage we achieve through the alliance with Forgefinder, we also expect an expansion of our business."
Kyle Gillman, President of ForgeFinder, said, "At ForgeFinder, we’ve built a business based on knowledge, not on technology. It’s not the software that drives our buyers to the site. They join us to gain the market intelligence they need to select the right global suppliers who can best meet their requirements, whether its price, quality standards, reliability, capabilities or delivery schedules. Through Covisint, we are pleased to offer this service to the largest and most diverse forging buyers in the world - the automotive and heavy truck OEMs and Tier One suppliers. This alliance gives us front line access to the decision makers and buyers of this premier market segment."
Customers will access this new service via the Covisint site (www.covisint.com). Forged metal buyers will be connected to the ForgeFinder site to conduct forged metal auctions which will be hosted using the ForgeFinder platform.
About Covisint
Covisint is the technology company whose business-to-business services connect and enable the global automotive industry to reduce costs, increase efficiency, enhance quality and improve time to market. Covisint was founded by DaimlerChrysler, Ford, General Motors, Renault Nissan, Commerce One and Oracle. Since its inception, PSA Peugeot Citroen also has joined the initiative. Covisint has headquarters in Southfield, Mich. and Amsterdam, and offices in Tokyo, Frankfurt, Paris and Brazil. For more information about Covisint, visit www.covisint.com.
About ForgeFinder
Since its launch in April 2000, ForgeFinder has firmly established itself as the global leader in eCommerce for the forged metals industry. Over 400 forge shops are registered to participate in ForgeFinder auctions, and represent some of the most highly qualified open die, closed or impression die, ring rolling and cold forging shops in the world. ForgeFinder offers forging buyers a highly sophisticated tool that allows the buyer-vendor relationship to seamlessly migrate to the online environment, and replicates the current buying practices of the industry. The company serves vehicle manufacturing, power generation equipment production and repair, oil and gas drilling and refining, construction equipment manufacturing and aerospace machinery, shipbuilding and railroad industries. For more information about ForgeFinder visit www.forgefinder.com.
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