FRAMINGHAM (03/16/2000) - Paint and industrial-coatings companies now have their own online marketplace, thanks to a joint venture by Eastman Chemical Co. and VerticalNet Inc.
The new site, http://www.paintandcoatings.com/, is aimed at bringing together paint and coatings companies that want to buy and sell from each other. The marketplace is expected to gain additional participants over the next several months, including raw materials suppliers, distributors and manufacturers, as well as paint and coatings formulators.
Horsham, Pennsylvania-based VerticalNet has helped create 55 online business-to-business marketplaces since 1995.
Kingsport, Tennessee-based Eastman, with US$4.59 billion in sales last year, is one of the biggest players in the $64 billion paints and coatings industry. The company's own Web site offers information only; users can't buy any products there.
The goal of the new venture is to cut procurement, sales and marketing costs for the industry, according to a statement released by the companies.
According to Gartner Group Inc. in Stamford, Connecticut, overall, business-to-business e-commerce is expected to generate sales of $403 billion this year, up from $145 billion last year.