AKRON (April 17, 2000) — Six of the world´s seven largest tire makers are joining forces to launch a global purchasing and procurement joint venture by the end of 2000.
The independent company — expected to be called RubberNetwork.com — will serve as a global purchasing and procurement site for the companies—Goodyear, Group Michelin, Cooper Tire & Rubber Co., Pirelli Group, Continental A.G. and Sumitomo Rubber Industries Ltd.
The partners, in a statement, said total purchases by tire and rubber product makers account for more than $50 billion a year of raw materials, equipment, machinery, goods and services. The exchange "will also welcome the opportunity to work closely with other exchanges, especially those associated with the auto industry," the partners said. &Copy;