SOURCE: ICG Commerce

October 08, 2007 10:00 ET

Goodyear Renews Procurement Outsourcing Contract With ICG Commerce

Three-Year Extension Follows Successful Relationship That Resulted in Achievement of Key Goals

PHILADELPHIA, PA--(Marketwire - October 8, 2007) - ICG Commerce, the leading procurement outsourcing specialist, today announced that it has renewed its contract with The Goodyear Tire & Rubber Company (NYSE: GT), one of the world's leading tire manufacturers. The extension of this relationship is a result of ICG Commerce's ability to meet its commitments and deliver measurable value. Goodyear engaged ICG Commerce in 2005 as part of the company's focus on driving cost reductions, one of the seven key drivers in their corporate strategy to build momentum and maintain profitable growth through improvements in company performance.

"Extending our contract with ICG Commerce attests to the success of the relationship to date," said Ted Augustine, Goodyear's Director of Purchasing - North American Tire. "Over the past two and a half years, our joint team has delivered on aggressive targets that directly support company goals."

Under the three-year extension, ICG Commerce will continue to assist Goodyear with a full scope of procurement business process outsourcing (BPO) services: sourcing, category management and purchase-to-pay transaction processing for major indirect spend categories within the company's North American Tire business unit. The program will continue to support Goodyear's cost reduction goals by delivering realized savings and increased efficiencies while allowing the company to focus on core competencies.

"Goodyear's dedication to driving performance improvements and efficiencies is impressive," said Carl Guarino, CEO of ICG Commerce. "We are very pleased to be supporting these efforts and look forward to contributing to Goodyear's continued success."

This renewal, which follows recent contract expansions signed with Greif (NYSE: GEF) (NYSE: GEF.B), Cameron International Corporation (NYSE: CAM) and a leading technology company and new contracts signed with Chiquita Brands International (NYSE: CQB) and a global life science company, highlights ICG Commerce's ability to help leading companies drive measurable cost savings, improved visibility and greater control through its comprehensive procurement outsourcing solutions.

According to market expert IDC, the renewed contracts also demonstrate a maturation of the procurement services industry and solidify the concept of leading companies' preference for choosing specialist providers for procurement outsourcing engagements. "ICG Commerce's relationships with companies such as Goodyear, Greif and Chiquita are examples of how leading companies are looking to specialist procurement outsourcing providers to help them focus on their core competencies and improve financial results," said David Tapper, Vice President, Outsourcing Services Research, IDC.

About Goodyear

Goodyear is one of the world's largest tire companies. The company employs about 70,000 people and manufactures its products in more than 60 facilities in 26 countries around the world. For more information about Goodyear, go to www.goodyear.com/corporate.

About ICG Commerce, Inc.

ICG Commerce (www.icgcommerce.com) is the leading procurement outsourcing specialist delivering comprehensive source-to-pay as well as strategic sourcing services. Results-driven leaders access ICG Commerce's experienced resources and market intelligence to better manage procurement and logistics spend, gaining significant savings and enhanced visibility and control.

ICG Commerce is a privately held company founded in 1992 and a member of Internet Capital Group's (NASDAQ: ICGE) network of partner companies. The company has earned recognition from Forbes, Fortune, The International Association of Outsourcing Professionals (IAOP) and leading industry analysts for its leadership in procurement outsourcing.

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