Financial releases
Partnership GlobalNetExchange
March 23rd, 2000
European retail giants Metro, J Sainsbury PLC join GlobalNetExchange as newest equity partners
ORACLE "Turns On" GNX in 14 Days; SEARS, CARREFOUR Conduct First Online
Auctions Exchange members control $140 Billion in Annual Purchases
March 23, 2000 - GlobalNetXchange (GNX), the independent online retail exchange launched on Feb. 28, today announced that German retailer METRO AG (MEO3.F) and British retail conglomerate J SAINSBURY PLC (FTSE : SBRY) will join the international e-business venture as its newest equity partners.
The European retail giants join founding partners SEARS, Roebuck and Co. (NYSE: S), based in suburban Chicago, Paris-based CARREFOUR (CAC: CA) and ORACLE Corporation (NASDAQ: ORCL), headquartered in Redwood Shores, Calif., in the developing web-based business-to-business marketplace. The four retailers account for a total of approximately $140 billion in annual purchases from more than 50 000 suppliers, partners and distributors worldwide.
"METRO and J SAINSBURY PLC represent the leading edge of prominent retailers around the world whose supply chain processes stand to be transformed by GNX," said CARREFOUR's Chairman and Chief Executive Officer Daniel Bernard. "We are delighted to welcome them as our new partners in the creation of a truly open and groundbreaking Internet marketplace."
While GlobalNetXchange will initially focus on web-enabling its equity partners supply chain purchases, the company intends to offer the same services to all retailers globally. Using standard web browsers, retailers and their suppliers will be able to capture savings through more efficient and strategic procurements of all types of goods and servi ...