Omnexus goes under

By Staff -- Purchasing, 2/5/2004 2:00:00 AM

The shareholders of Omnexus in December voted to discontinue funding the plastics industry-trading marketplace. SpecialChem, a plastics industry business development firm, acquired the Omnexus name and content platform. Omnexus COO Michael Walsh cited sluggish e-commerce adoption rates in the decision to close down Omnexus. A recent brief from AMR Research noted that the founding members of Omnexus (Bayer, BASF, Dow, and DuPont) are all members of the Elemica marketplace as well and have been redirecting transaction volumes to Elemica. AMR also noted in its brief that only 17% of chemical buyers used any e-business channels in 2003, saying, "Customers steered clear because of confusion over the duplication services available across multiple trading exchanges and the cost of connecting to multiple exchange hubs with inconsistent implementation of data and process standards."

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