NORTH CANTON, Ohio and PITTSBURGH -- Diebold, Incorporated (NYSE: DBD) and FreeMarkets, Inc. (Nasdaq: FMKT), a B2B eMarketplace, announced a strategic relationship through which Diebold will use the FreeMarkets B2B eMarketplace to purchase goods and services for its operations.
Under the terms of the agreement, FreeMarkets will provide Diebold with access to its proprietary online auction technology, technical operations, industrial market-making services and global database of suppliers. FreeMarkets will host competitive events in which qualified suppliers will be able to bid on specific Diebold lots via the Internet and update bids throughout the event. The supplier winning the contract will then be notified.
"Our agreement with FreeMarkets complements our global procurement strategy and strengthens our position as an innovator and leader in the use of business-to-business e-commerce," said Larry D. Ingram, vice president, procurement and services for Diebold.
Using the eMarketplace "enables us to achieve significant cost reductions, streamline our supply chain and increase efficiency while maintaining the high level of quality we expect from our supply base," Ingram added.
FreeMarkets Chairman and CEO Glen T. Meakem said, "We are looking forward to assisting Diebold with their strategic cost reduction objectives."
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