About the ExchangeChemConnect Exceeds Q3 Targets
Number of companies trading more than doubles since beginning of year; Transaction volume maintains strength; Online fulfillment capabilities developed
San Francisco, CA (October 17, 2001) – ChemConnect Inc., the company that provides the only end-to-end e-commerce solution for buyers and sellers of chemicals and plastics worldwide, today released details of its Q3 results. ChemConnect announced that the number of companies who have negotiated and concluded transactions on its multiple platforms has more than doubled since the beginning of the year, and that annualized transaction volume is $2.7 billion.
During Q3, more of ChemConnect's 7,000 Member companies moved to take advantage of e-commerce tools, including increasing their use of ChemConnect's private auction capabilities. In Q3, there was further evidence of increased rapid adoption by first-time hosts, who conducted one-third of the auctions. Overall auction success rates (as measured by resulting approved contracts) exceeded 90%.
Transactions through the industry's most robust back-office fulfillment service also grew, as Envera, which merged with ChemConnect in June, completed—ahead of schedule—the development of the key documents needed for single point-of-contact integrations. Based on CIDX (2.0.1), the 19 documents developed for ChemConnect Members cover order fulfillment, logistics, invoicing, monitoring, and tracking and now include order creation and response, load tenders, shipment status, and delivery receipts. Envera is now handling more than 16,500 document transactions a month, a 10% increase over last quarter.
"During this quarter we concentrated on our internal and external integration strategies, making sure that our merger with Envera proceeded seamlessly for the benefit of both our investors and our Members," said John Robinson, ChemConnect CEO. "Our results continue to confirm the soundness of our business plan, the strength of our position complementing and extending industry e-commerce initiatives, and the hard work, dedication, and deep industry knowledge of all our employees."
Q3 Milestones and Factors Contributing to Growth In addition to its back-office fulfillment services, ChemConnect offers its Members additional products and services for market assessment and advanced negotiation needs. These include consulting, brokerage services, information resources, and both enterprise and modular solutions tailored to Members' evolving needs for buying and selling chemicals and plastics.
Founded in 1995, ChemConnect provides the worldwide industry with the broadest chemical and plastics e-commerce systems and services. The company's Members (40% in North American, 25% in Europe and the Middle East, and 30% in the Asia Pacific region) include buyers, sellers, traders, and supply-chain professionals from companies of all sizes and from all industries. Chemicals, household products, packaging, paints and coatings, plastics, and pulp and paper are all represented, with negotiations conducted daily on the marketplace floor, in the commodities pits, and in private auctions.
ChemConnect is privately owned. Its investors include more than 40 of the world's leading chemicals and plastics companies.
For more information, please contact:
Bob Osmond
UpStart Communications
(510) 457-3111
bosmond@upstart.com
Liz Youngs
UpStart Communications
(843) 881-5751
lyoungs@upstart.com
Note to Editors: ChemConnect is a registered trademark of ChemConnect, Inc. All other product, trademark, company or service names mentioned herein are the property of their respective owners.