CHICAGO (May 10, 5 p.m. EDT) — A new company, Covalex.com, has launched a neutral chemical marketplace that features real-time pricing and product information.
Chicago-based Covalex will focus on chemicals used in manufacturing applications such as plastics processing, according to a company news release.
The site, www.covalex.com, offers as many as 24 ways to conduct transactions, such as reverse and forward auctions, real-time continuous bidding and public forums.
The company projected that by using the portal, clients can reduce transaction lengths from several weeks to a few days, with cost savings as high as 60 percent.
"Conducting business on the Web will be a necessity for those who want to remain competitive in their industries," said Bob Steel, Covalex chairman and chief executive officer. "Long term, it will help ease industry issues like price volatility and imbalances in supply and demand."