Raytheon Re-ups with FreeMarkets

Extends relationship with e-sourcing provider

Pittsburgh  March 19, 2002  Electronics and aircraft manufacturer Raytheon has re-enlisted to source goods and services through e-sourcing services provider FreeMarkets.

Under the terms of the new agreement, financial aspects of which were not announced, Raytheon will continue to use FreeMarkets' FullSource solution as a platform for sourcing goods and services globally.

"FreeMarkets FullSource has continued to be a very effective tool that our organization can leverage to generate savings and efficiencies," said Tim Wholey, Raytheon's director of enterprise supply chain management.

"Raytheon is an industry leader in the use of on-line reverse auction capability, using both the FreeMarkets and Exostar tool sets to streamline our sourcing process," Wholey added, referring to the aerospace industry e-marketplace.

"Leveraging our FullSource solution, Raytheon has not only created savings for its operations, but enhanced the efficiency of its sourcing process," said Mark Clouse, director and general manager at FreeMarkets.

Raytheon initially signed up to use FreeMarkets' services in February 2001 following a pilot program that began in October 2000.