ICG Commerce Enters Into Agreement to Provide Comprehensive Procurement Services to Vought Aircraft Industries
Aerospace Manufacturer Selects Procurement Services Provider to Achieve Measurable Savings and Standardize Procure-to-Pay Processes
PHILADELPHIA, Aug. 30 /PRNewswire/ -- ICG Commerce, a leading procurement services provider, today announced that it has been engaged to provide procurement process management services and technology to Vought Aircraft Industries, Inc., one of the world's largest independent suppliers of aerostructures.
ICG Commerce will provide Vought with a broad suite of services, from sourcing to purchase-to-pay processing, to ongoing category management, across forty purchasing categories. These categories, which include sixteen groups of service-related purchases, make up a majority of the company's non-production products expenditures. Vought will leverage ICG Commerce's integrated procurement infrastructure, which includes deep category sourcing experts; a best-practice-based Buying Center; and RealExchange(SM), a comprehensive technology platform for the purchasing of both goods and services. ICG Commerce also will supply a dedicated onsite procurement team to ensure the seamless delivery of services to Vought.
ICG Commerce is a procurement services provider committed to helping companies maximize and realize procurement cost savings and efficiencies through a flexible range of services including sourcing, purchase-to-pay automation and outsourcing. The company is considered to be at the forefront of procurement outsourcing, managing a broad scope of activities and expenditures for more than a dozen leading companies. As industry expert Julie Murphree recently stated, ICG Commerce is considered one of the key leaders in procurement BPO, which has been noted as the "hot" topic in the market today.
"As a company we want to ensure our resource investment is in our core competencies. The order management of non-production goods and services does not fall in that category. Through ICG Commerce we expect to gain hard-dollar cost reductions, process efficiency and product standardization," said Daniel Smartis, Vought Vice President, Materiel. "By leveraging ICG Commerce's experience and full range of services, we expect measurable, bottom-line savings."
Under the agreement, ICG Commerce will provide procurement services to Vought. "As an innovative design and manufacturing supplier to the world's prime aircraft manufacturers, Vought not only understands the importance of world-class procurement but also the value of partnering with specialists to achieve objectives," said Edward H. West, chairman and CEO of ICG Commerce. "We look forward to helping the company achieve procurement performance and cost savings objectives while they continue to focus on their strategic initiatives."
About ICG Commerce, Inc.
ICG Commerce ( icgcommerce.com ) is the leading Procurement Services Provider delivering total procurement cost savings through an unmatched combination of deep expertise and hosted technology. ICG Commerce provides a comprehensive range of solutions to help companies identify savings through sourcing, realize savings through implementation and purchase-to-pay automation and drive continuous improvements through ongoing category management. ICG Commerce, Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq:ICGE) network of partner companies and has been honored as a Forbes Best of the Web: B2B, UPSIDE Magazine Hot 100 and iSource 100 company as well as had its executives recognized among the iSource "Pros to Know".
About Vought
Vought Aircraft Industries, Inc. ( voughtaircraft.com ) is one of the world's largest independent suppliers of aerostructures. Headquartered in Dallas, the company designs and manufactures major airframe structures such as wings, fuselage subassemblies, empennages, nacelles and other components for prime manufacturers of aircraft. Vought has annual sales of approximately $1.2 billion and more than 6,000 employees in seven U.S. locations.
SOURCE ICG Commerce, Inc.
CO: ICG Commerce, Inc.; Vought Aircraft Industries, Inc.; Internet Capital Group
ST: Pennsylvania
SU: CON
Web site: icgcommerce.com
prnewswire.com
08/30/2004 10:24 EDT |
