Web Watch: INC2inc and Dairy.com merge
The merger with Dairy.com gives INC2inc additional access to capital, customers and technology, including access to the bid-ask pricing exchange that is being built by Dairy.com. More than 45 food and beverage companies are currently transacting business over INC2inc's e-market, which was launched in March 2000.
Dairy.com was founded in July 2000 as an independent, neutral exchange by a consortium of eight leading dairy organizations, including Dairy Farmers of America; The Dannon Company; Kraft Foods; Land O' Lakes and Suiza Foods. In addition to its pricing exchange, Dairy.com has several other functional platforms under development, including dairy farmer services; information tools, supply chain management tools; and industry-focused content. Its mission is to provide comprehensive internet tools to help the dairy industry improve the way it does business.
Suiza chairman and CEO Gregg Engles will serve as chairman of Momentx and Scott Sexton, president of INC2inc, will serve as president. The merger "allows both companies to more rapidly advance important initiatives," Engles said. "There are many synergies between the two companies."
Gary Hanman, CEO with Dairy Farmers of America, added "We remain committed to developing a site that is revolutionary for the dairy industry."
Dairy.com is on schedule for a winter 2001 launch of live trading of select commodities including milk and cream and logistics estimating tools. INC2inc will continue to build out its replenishment functionality, streamlining the procurement process for ingredients and packaging while continuing to enhance its existing solution.