PHILADELPHIA, May 7, 2012 (GLOBE NEWSWIRE) -- Leading comprehensive procurement solution provider, Procurian (formerly ICG Commerce), today announced that it has renewed its contract with The Timken Company, extending their ten year relationship. Under the terms of the new agreement, Timken will leverage Procurian's Specialized Procurement Infrastructure™ to support maintenance repair and operations (MRO), facilities services, logistics, corporate services and capital categories for Timken's North American operations.
"Timken has significantly transformed its business over the last decade and trusted partners have contributed to the pace of our evolution," said Rory Lubic, vice president of purchasing for Timken. "More effective cost management will allow us to focus on driving global growth, further diversifying our product portfolio and optimizing business performance while continuing our tradition of manufacturing excellence."
Timken will leverage Procurian's Specialized Procurement Infrastructure™ to enable its procurement strategy, which is primarily focused on supporting growth in new geographic markets and mergers and acquisitions, as well as reducing its cost structure. Procurian is solely focused on helping clients transform Procurement into a strategic function that fuels growth through measurable savings and supply market insights that help companies extract more value from external purchases. Procurian's unique offering provides its clients access to all the components necessary to optimize indirect spending and achieve the highest levels of procurement excellence, including dedicated teams of specialists with deep category expertise, real-time market intelligence, comprehensive processes and a sophisticated set of proprietary tools and technology.
"Timken's growth over the past decade sets an industry example, and we are pleased to continue our relationship with them," said Carl Guarino, chief executive officer, Procurian. "Through this relationship, we will continue to support Timken's enterprise growth and bring market insights to continually optimize spending and deliver greater business value."
About Procurian, Inc.
Procurian is the leading specialist in comprehensive procurement solutions. Forward-thinking business leaders partner with Procurian to transform procurement and drive sustainable changes to their cost structures. Global industry leaders, including Kimberly-Clark, Hertz, Symantec, Timken and Whirlpool, have chosen Procurian to accelerate this transformation. Procurian's built-out Specialized Procurement Infrastructure™ integrates with businesses to optimize spending and deliver real savings that equal a margin point or more. Procurian is an ICG (Nasdaq:ICGE) company. For more information, visit www.procurian.com.
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About The Timken Company
The Timken Company (NYSE:TKR) (www.timken.com) keeps the world turning with innovative friction management and mechanical power transmission products and services that help machinery perform more efficiently and reliably. With sales of $5.2 billion in 2011 and approximately 21,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.