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[September 2000]
Eight founders sign definitive agreement to incorporate Elemica
The eight founding participants of Elemica have announced that they have signed a definitive agreement that formally creates the premier neutral, independent and secure e-marketplace for the chemical industry. ATOFINA, BASF, Bayer, BP, Dow, DuPont, Rohm and Haas and Shell have signed the document that will fund and accelerate the establishment of Elemica Limited as a company. Together, the eight founders are investing a total of $100 million in the company. The target operational launch date for the company's transactional site is December 2000.
In addition to the eight signed founders, 13 other companies have already agreed in principle to invest and participate in the marketplace, and are now in the process of entering into definitive agreements with Elemica. These companies include Air Products, Ashland Distribution Company, Celanese, CHEMCENTRAL, Ciba Specialty Chemicals, Degussa-Huls, DSM, Mitsubishi Chemical Corporation, Mitsui Chemicals, Rhodia, Solvay, Sumitomo Chemical and Van Waters & Rogers.
"The company's incorporation is a significant milestone that will demonstrate the tremendous progress we have made in the last 90 days. We have gained the financial support of the world's largest chemical companies and are working rapidly to secure the commitment of many other global leaders that have expressed interest," said Dennis Campbell, chief operating officer (COO) of Elemica. "As we build our product offering as a separate company, we are in the position to welcome the participation of companies of all sizes. There is still much work to be done, but we are on schedule to meet our operational business-launch goals of completing transactions by the end of the year. We have great momentum and are moving full speed ahead."
Elemica is an open, inclusive and neutral company that has been formed to serve many of the e-commerce needs of the global chemical industry. Elemica will bring buyers and sellers of chemicals from around the world together into an online environment. The company's robust e-marketplace will not only offer integrated and linked ERP solutions and services for the contract buying and selling of basic, intermediate, specialty and fine chemicals, but will also offer a browser-based interface that will do the same. It is intended to strengthen global customer-to-supplier relationships and lower fulfillment costs by moving existing business processes onto the Web. The marketplace is expected to benefit buyers, sellers and, ultimately, the entire chemical industry.
ENDS