Covisint announced that the German Bundeskartellamt has concluded its
comprehensive investigation, opening the way for the automotive
industry's planned business-to-business trading exchange to become
Covisint planning leaders expected, the Bundeskartellamt's review of the
initiative was very comprehensive, and its completion echoes the
clearance recently received from the U.S. Federal Trade Commission
(FTC). Covisint has now received all necessary pre-formation regulatory
clearances and can begin operations.
is now cleared to transform itself from a planning initiative to a
company," said Peter Weiss, Covisint Executive Planning Team and
DaimlerChrysler Lead. "It will establish a corporate identity,
begin hiring permanent employees and of course, open trade on the
exchange between customers. You can expect the exchange to go live
added, "News of the clearance has excited everyone involved in the
effort. Covisint is now days away from history. The completion of the
Bundeskartellamt's review sets the stage for launching what promises to
be one of the world's largest e-business trading exchanges."
in February 2000, Covisint is an automotive e-business trading exchange
being formed by DaimlerChrysler, Ford Motor Company, General Motors, and
Renault/Nissan. Covisint will provide original equipment manufacturers
(OEMs) and suppliers the ability toreduce costs in their respective
supply chains and bring efficiencies to their business operations.
Covisint's temporary headquarters are in Southfield, Mich., and it
expects to establish offices in Europe and Asia.
being announced in February, a number of automotive suppliers have
publicly expressed their support for Covisint. Those companies include: