FiberXone today announced the unveiling of its new online marketplace which will provide Internet access to worldwide markets for synthetic fiber and yarns.

The new electronic market which goes live today, helps companies instantly locate, buy and sell man-made fiber goods while also providing an unbiased source for industry news. The electronic exchange will emerge as a fully integrated e-commerce system by the end of the year, according to company executives.

"As in any industry, the leaders are those who are using technology to step up the new supply-driven business practices," said Tim Maxman, president and CEO of FiberXone. "We have been focused on providing a platform which serves the fiber industry in doing exactly that."

The global man-made fiber industry is healthy and has experienced continous growth, becoming a $100bn industry in recent years. In spite of industry expansion, business practices, particularly those aimed at locating, buying and selling raw fiber, have remained essentially unchanged. During these times most managers focus on taking advantage of growth trends, not on updating business processes.

Most executives agree, however, that refining business practices must be ongoing. "Streamlining the supply chain is a major theme in many industries today and ours is no exception," said Maxman. "But until now, the synthetic fiber business has lacked a single organization with enough industry experience to step up and provide leadership."

According to Art Hamilton, FiberXone's executive vice president and chief operating officer, the company's new electronic marketplace will dramatically reduce procurement costs (by as much as 70-90 percent for some companies) and provide wider access to trading partners.

"With FiberXone, our participants can now access not just a dozen or so contacts, but rather a worldwide network of buyers and sellers. They can instantly transact business, but more than that, they can now see global market dynamics at work around the globe, and that means opportunity," said Hamilton.

FiberXone evolved from Atlanta-based Fiber Resources, Inc, a man-made fiber and yarn brokerage with a long-standing industry reputation for integrity. Its key managers, many of whom are second-generation industry executives, created FiberXone to provide a global, online market which supports participants' buy/sell transactions in a secure environment.

FiberXone is a privately held corporation based in Atlanta, Georgia. Its online marketplace is located at www.fiberxone.com.