Equity investment in CheMatch.com
Equity investment in CheMatch.com
Keywords: Millennium Chemicals, CheMatch.com, Investment
Millennium Chemicals Inc. (NYSEMCH) ("Millennium") informs us that it has made an equity investment in CheMatch.com, an Internet-based, global, real-time trading system, through its participation in CheMatch's successful equity private placement. CheMatch.com announced that it has received funding from one other chemical company, Du Pont (NYSE-DD), and other financial investors as part of second round financing valued at $30 million.
William M. Landuyt, Chairman and CEO of Millennium, said: "This investment in CheMatch.com will help establish a foothold for Millennium in business-to-business e-commerce, which is the next major growth segment in the US economy. CheMatch.com is the best Internet chemical trading system serving the multi-billion dollar worldwide petrochemical markets. Its future growth potential is unlimited, with initiatives planned that go well beyond its existing trading platform."
CheMatch.com (www.chematch.com) is a global Internet exchange and information resource for buying and selling bulk commodity chemicals, plastics and fuel products. CheMatch.com creates a seamless, global marketplace where users can trade 24 hours a day, seven days a week. More than 50 leading chemical companies are represented on the exchange, which has an average transaction of$530,000. CheMatch.com companies have served the chemical industry since 1995.
