Board to Guide Company on its Efforts to Help Manufacturers Relieve Cost Pressure and Fund Growth

PHILADELPHIA, PA – July 12, 2011 – ICG Commerce, the leading provider of comprehensive procurement solutions, announced it has formed the ICG Commerce Executive Advisory Board for Manufacturing. The formation of the board further demonstrates ICG Commerce’s dedication to developing innovative solutions that help leading companies transform procurement and optimize spending. The board will guide ICG Commerce’s ongoing efforts to deliver tailored procurement solutions that address the market issues and cost pressures currently facing all sectors of the manufacturing industry.

The ICG Commerce Executive Advisory Board for Manufacturing includes a roster of manufacturing experts who bring extensive industry leadership and experience: 

• Rob Beeson: Senior Executive with experience that includes leading business reorganization and merger integration as Senior Vice President of Graham Packaging and President of Tegrant Corporation’s Protexic brands
• Bob Brust: Prominent CFO who led finance at Sprint, Eastman Kodak Company and Unisys after spending more than thirty years in progressive financial positions at General Electric Company
• Paul Griswold: Experienced CEO who has led numerous acquisitions and expansion into new geographic markets for Havells-Sylvania Group, SLI Holdings and Paxar
• Jerry Jasinowski: Nationally recognized economist who served as CEO for the National Association of Manufacturers and The Manufacturer’s Institute
• Gary Powell: Recognized leader with extensive global experience gained through leadership roles as CEO at Cyclics, Vice President Operations at Tyco International, and Vice President Global Manufacturing and Sourcing at G.E. Plastics

“ICG Commerce is addressing a critical need for next-generation cost savings, which is why my colleagues and I joined this effort,” said Jerry Jasinowski.  “Even as the economy recovers, companies still need sustainable long-term sources of savings to fund innovation and growth.  Manufacturers have fueled job growth over the last six months by hiring new talent to develop new products and expand into new markets.  To continue funding these growth efforts, companies are looking for new sources of cost savings, and indirect procurement is a significant, yet untapped opportunity for cost reductions.”

The board members agreed that the global Specialized Procurement InfrastructureTM that ICG Commerce has built would be valuable to manufacturers to drive sustainable savings that enable companies to fund growth, protect margins and rapidly scale operations in new markets.  Companies can leverage this infrastructure to rapidly consolidate indirect spend and achieve synergies after a merger or acquisition.

“Most manufacturers have very sophisticated direct procurement organizations, but few have re-engineered their processes and invested in building the category expertise and technology needed to manage this fragmented and complex area of spending,” said Gary Powell. “To support business growth targets, they need proven solutions that will help them deliver significant and predictable savings for indirect goods and services.  ICG Commerce has built a specialized procurement infrastructure that addresses the complexity of indirect procurement by combining dedicated specialists, real-time market intelligence, proprietary technology and rigorous spend management processes.”

“Growth continues to be elusive for many manufacturers. To provide the insight and executive perspective needed to ensure that our solution continues to evolve, we assembled this seasoned group of industry professionals,” said Carl Guarino, CEO of ICG Commerce.  “We look forward to working closely with the board to leverage their market knowledge and global operational business experience to further enhance our solution and the impact we can have in the industry.”

The creation of the board underscores ICG Commerce’s continued growth in the manufacturing sector, where it already drives comprehensive procurement programs for leading companies like Whirlpool, Owens-Corning, Doosan Infracore Construction Equipment, Timken, and Greif.  These companies are leveraging ICG Commerce’s comprehensive procurement solutions in all areas of indirect procurement and select areas of direct procurement. Specific indirect expertise includes logistics, professional services, IT/telecom, marketing, travel, MRO and facilities and direct expertise includes capital equipment, packaging, chemicals, metals and fuel.

About ICG Commerce, Inc.

ICG Commerce, the leading procurement solution provider, is driving a fundamental change in the way today’s businesses achieve financial agility and fund growth. ICG Commerce is the only procurement solution provider that has built a specialized infrastructure dedicated to helping companies optimize indirect spend and drive bottom line savings that strengthen their businesses. ICG Commerce is a privately held company and member of ICG's (Nasdaq: ICGE) network of partner companies.  

Media Contact:

Cheri Keith

Racepoint Group for ICG Commerce

781-487-4672

ckeith@racepointgroup.com