Detroit July 18, 2001 Covisint and e-STEEL today confirmed that they will cooperatively market direct material procurement technology to the automotive industry. Their cooperation in this area may lead to a broader business relationship in the future.
According to a statement, Covisint recognizes the importance of the direct material segment throughout the automotive industry. However, the auto exchange has elected not to introduce steel direct material functionality into its site at this time, in order to focus on integrating several previously committed technologies.
Covisint will immediately begin comarketing and encouraging its clients to use the e-STEEL SupplyNetwork platform.
"We have a high regard for e-STEEL technology, and their management team," said Kevin English, chairman, president and CEO of Covisint. "We will encourage our customers to do business with e-STEEL. Applications that automate and standardize all of the business processes associated with the procurement and management of direct materials, such as steel, are important to the automotive industry. We remain open to broadening this relationship at some point in the future."
"This initiative with Covisint has all the hallmarks of a great relationship," said Michael Levin, chairman and CEO of e-STEEL. "We look forward to their proactive support in providing the automotive industry with a proven solution for direct materials."
Covisint will become a stakeholder in e-STEEL via the transfer of warrants previously held by Ford Motor Co., a founding partner of the e-business initiative.