SOURCE: ICG Commerce

August 27, 2007 10:06 ET

ICG Commerce to Deliver Global Indirect Procurement Outsourcing Services to Chiquita Brands International

Agreement Expected to Help Chiquita Reduce Costs While Focusing on Delivering Healthy, Convenient, Fresh Foods to Consumers

PHILADELPHIA, PA--(Marketwire - August 27, 2007) - ICG Commerce, the leading procurement outsourcing specialist, today announced that it has signed a five-year agreement with Chiquita Brands International, Inc. (NYSE: CQB), one of the world's leading marketers and distributors of high-quality fresh and value-added food products, to provide procurement outsourcing services. Under the terms of the contract, ICG Commerce will assist Chiquita with managing indirect spend areas, including transportation, marketing, MRO (maintenance, repair and operating supplies) and information technology on a global basis.

"Partnering with ICG Commerce complements a key pillar of Chiquita's corporate strategy to build a high-performance organization by providing our procurement organization access to the expertise that will enable us to focus on our core competencies and deliver more value to the company," said Onye Uzoukwu, Chiquita's vice president of global procurement. "We expect this agreement will help us drive cost savings, while allowing us to concentrate on delivering innovative, higher-margin products to our customers and consumers."

"We are very pleased to work with an industry leader like Chiquita," said Carl Guarino, chief executive officer, ICG Commerce. "They have a world-class procurement organization with strong capabilities, and recognize outsourcing as a way to drive even greater results."

In addition to Chiquita, Guarino acknowledged the concurrent signing of a five-year contract for procurement outsourcing services with a large North American-based life sciences company. These two new customers join other leading companies, including Kimberly-Clark, Goodyear Tire & Rubber and The Timken Company, which have outsourced indirect procurement to ICG Commerce.

"We continue to see more and more companies embracing procurement outsourcing as a strategy to increase focus and improve performance," Guarino continued. "We believe many of these companies choose ICG Commerce based upon our focused commitment to ensuring our customers succeed in achieving their objectives and our track record of delivering against our commitments."

About Chiquita Brands International

With annual revenues of approximately $4.5 billion, Chiquita Brands International, Inc. (www.chiquita.com) is a leading international marketer and distributor of high-quality fresh and value-added food products -- from energy-rich bananas and other fruits to nutritious blends of convenient green salads. The company's products and services are designed to win the hearts and smiles of the world's consumers by helping them enjoy healthy fresh foods. The company markets its products under the Chiquita® and Fresh Express® premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide.

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.

Contact Information