January 13, 2004
EFS Network Announces New Tools and Trading Partners for Foodservice
Chicago, IL, January 13, 2004 - EFS Network, Inc., the premier supply chain solution company for the foodservice industry, has reached agreement on a partnership with iTradeNetwork (ITN) to develop powerful new products and services for foodservice distributors, operators, brokers, and suppliers. The partnership will also bolster EFS' efforts to continue the dramatic expansion of its foodservice trading community.
The combination of EFS' 345 market-leading order management customers which include BiRite Foodservice, Dot Foods, Hormel Foodservice, McCain Foods, Nestlé Foodservice, Performance Food Group, Ritz Foodservice, Schwan's Food Service Group, and Sysco, with ITN's over 2000 customers which include Cargill, Smithfield, Tyson Foods, and Dole creates the industry's largest supply chain network. "The value we have already achieved through EFS Network is significant, and I'm pleased they continue to identify new ways to improve supply chain efficiencies for their customers," said Steve Binder, EVP of Hormel Foodservice.
As a central part of the partnership, ITN is developing EFS' industry-wide contract and rebate management solution. Distributors, operators, manufacturers, and brokers have all contributed to building the standard transactions within this powerful tool which will significantly reduce the administrative and sales costs related to contract and rebate tracking, deviated billing, and deductions within the supply chain.
"We are excited to accelerate delivery of EFS' new contract management system to better synchronize contract, rebate, pricing, and performance data with our operator and manufacturer trading partners," stated Larry Pulliam, Senior Vice President of Sysco Corporation, a current customer of EFS Network. "ITN's track record in technology development gives us great confidence that the collaboration will result in a solution that will set the standard for our industry." EFS has already begun working with iTN's existing contract solution to adapt it to the needs of foodservice.
Finally, the partnership will provide EFS the opportunity to introduce other new products and services in 2004, well ahead of its former development plans. These solutions include Logistics, Demand Forecasting, Vendor Managed Inventory, Ad Planning, Electronic Funds Transfer, and Content Services.
"With this partnership, it is clear that EFS Network's growing customer base and committed investors are achieving the next level of efficiency in the industry supply chain. We are excited for what it means to our company and our trading partners' supply chain efficiency efforts," said Mike Roach, Chief Executive Officer of Ben E. Keith.
About EFS Network, Inc.
EFS Network, Inc. is the leading supply chain solution partner for the $411 billion foodservice industry. Based in Chicago, EFS develops tools to enhance business processes, strengthen trading relationships and eliminate inefficiencies for companies in all segments of the foodservice supply chain. For more information about EFS Network's participating member companies and innovative solutions, please visit www.efsnetwork.com.
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