Purchase Power: 6 Billion Gallons Annually
Purchase Power: 6 Billion Gallons Annually
Apr 24, 2000 at 12:00 AM EDT
Purchase Power: 6 Billion Gallons AnnuallyOVERLAND PARK, Kan., April 24 /PRNewswire/ -- Yellow Freight System, the largest operating subsidiary of Yellow Corporation (Nasdaq: YELL) is joining forces with major U.S. buyers and sellers of petroleum products in a new e-commerce marketplace that dramatically reduces transaction costs and significantly streamlines fuel management. Yellow will participate in the design, functionality, and integration of The American Petroleum Exchange (www.AmericanPetroleumExchange.com).
"The Exchange gives us instant access to many of our fuel suppliers, shaving hours off our procurement process, while ensuring we meet our daily supply needs," said John Lehoczky, vice president and chief procurement officer for Yellow Corporation. "In addition, we will see significant savings in invoice processing costs."
Yellow is joined on The Exchange by United Parcel Service, Wal-Mart, Ryder Transportation, Tyson Foods, American Freightways, Federal Express Ground, The Pantry, and Moran Towing as "Charter Members." Combined, the charter members purchase over six billion gallons of fuel annually.
The Exchange, to be launched this summer, allows Yellow to maintain it's current flexibility in structuring supply deals. Auctions, reverse auctions, forward fixed and variable contracts, and indexed-based deals are available. Additional benefits of The Exchange include the option of using dynamic pricing tied to NYMEX quotes and other real-time and same-day indices.
The Exchange has received funding from UCG b2b Ventures, specialists in Internet business-to-business opportunities. Other fund investments include TechTarget.com , a portfolio of targeted hi-tech portals.
Yellow Freight System is a national carrier offering the widest range of services for transportation and related movement of goods and materials. Services include: Standard Ground, featuring the most reliable service and broadest North American coverage; Definite Delivery, a guaranteed on-time service with 24-hour, 7-day-a-week monitoring, and Exact Express, an expedited, time-definite air and ground delivery service featuring the industry's only 100 percent satisfaction guarantee.
Yellow Corporation is a holding company based in Overland Park, KS with operating subsidiaries providing services for the national, regional and international transportation of goods and materials. Yellow Corporation employs 32,000 people worldwide. SOURCE Yellow Freight System
CONTACT: Roger Dick, Manager, Corporate Communications of Yellow Corporation, 913-696-6184, e-mail, roger.dick@yellowcorp.com/
"The Exchange gives us instant access to many of our fuel suppliers, shaving hours off our procurement process, while ensuring we meet our daily supply needs," said John Lehoczky, vice president and chief procurement officer for Yellow Corporation. "In addition, we will see significant savings in invoice processing costs."
Yellow is joined on The Exchange by United Parcel Service, Wal-Mart, Ryder Transportation, Tyson Foods, American Freightways, Federal Express Ground, The Pantry, and Moran Towing as "Charter Members." Combined, the charter members purchase over six billion gallons of fuel annually.
The Exchange, to be launched this summer, allows Yellow to maintain it's current flexibility in structuring supply deals. Auctions, reverse auctions, forward fixed and variable contracts, and indexed-based deals are available. Additional benefits of The Exchange include the option of using dynamic pricing tied to NYMEX quotes and other real-time and same-day indices.
The Exchange has received funding from UCG b2b Ventures, specialists in Internet business-to-business opportunities. Other fund investments include TechTarget.com , a portfolio of targeted hi-tech portals.
Yellow Freight System is a national carrier offering the widest range of services for transportation and related movement of goods and materials. Services include: Standard Ground, featuring the most reliable service and broadest North American coverage; Definite Delivery, a guaranteed on-time service with 24-hour, 7-day-a-week monitoring, and Exact Express, an expedited, time-definite air and ground delivery service featuring the industry's only 100 percent satisfaction guarantee.
Yellow Corporation is a holding company based in Overland Park, KS with operating subsidiaries providing services for the national, regional and international transportation of goods and materials. Yellow Corporation employs 32,000 people worldwide. SOURCE Yellow Freight System
CONTACT: Roger Dick, Manager, Corporate Communications of Yellow Corporation, 913-696-6184, e-mail, roger.dick@yellowcorp.com/