San Francisco based e-marketplace company ChemConnect is acquiring CheMatch,
an Internet exchange for bulk commodity chemicals, polymers, feedstocks and
fuel products.
ChemConnect operates a global market
for buyers and sellers of chemicals and plastics.
Financial details were not disclosed, but ChemConnect said that both
privately held companies have shown steady growth the past two years and
together they handled more than $4 billion in transactions in 2001.
ChemConnect, which was founded as a bulletin board site in 1995 and now calls
itself “The World Chemical Exchange,” is backed by 42 different chemical
companies.
ChemConnect chief executive John Robinson will serve as CEO of the combined
company, which will retain the ChemConnect name. Corporate headquarters will
be relocated to Houston, Texas.
With the acquisition of CheMatch, ChemConnect said it
will offer a comprehensive e-commerce solution, including the Exchange Floor,
online auctions, a commodity spot and futures exchange, and an electronic
communications hub for the automated transfer of transaction data.
“By concentrating liquidity, negotiation tools, fulfillment services, and
information in one place, we are making it much easier for buyers and sellers of chemicals and plastics to accelerate their adoption of e-commerce,” Robinson said.