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VW and IBM form Web link
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April 12, 2000: 4:30 a.m. ET
German auto firm creates Net venture, shuns GM, Ford and Daimler alliance
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LONDON (CNNfn) - Volkswagen on Wednesday unveiled a tie with IBM, aimed at creating an Internet-based marketplace for components and supplies. Europe's largest automaker said it would not join a similar network recently set up by rivals.
Wolfsburg, Germany-based Volkswagen is teaming up with IBM (IBM: Research, Estimates), i2 Technologies (ITWO: Research, Estimates) and Ariba (ARBA: Research, Estimates) to create the digital marketplace, and claimed it could cut procurement costs for certain items by as much as 50 percent. The new arena will include interactive sales of components, tools and office supplies.
VW wants the marketplace to become a European standard for business-to-business (B2B) commerce, and said it hopes wants other participants will join the process.
"Our marketplace is open to everyone," Jens Neumann, VW's director of treasury and organization, said in a statement.
Volkswagen (FVOW) stock rose almost 1 percent to 42.40 euros.
General Motors (GM: Research, Estimates), Ford (F: Research, Estimates) and DaimlerChrysler (FDCX) in February announced plans to set up a similar B2B scheme enabling suppliers and automakers to trade online. 
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Volkswagen
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