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Title LG Construction builds the new eMarketplace with SurplusGLOBAL
Source Korea Economic Daily Date
LG Construction builds the new eMarketplace with SurplusGLOBAL

February 14, 2001

Korea Economic Daily

LG Engineering & Construction Corp.(LG Construction) settled an agreement with SurplusGLOBAL on February 12, 2001 that both company will cooperate in building a new B2B eMarketplace for plants and construction material.

This B2B project was named as “Virtual Warehouse” which facilitates companies in trading out surplus or idle petrochemical/chemical plants or material. The items on the site will be marketed mainly by LG Construction and related companies.

LG Construction announced that they will launch the new B2B eMarketplace in early May and commited themselves to do the marketing activities.

Meanwhile SurplusGLOBAL( will construct the site technically , operate the system, manage the customer database, do the online marketing and react to customers’ requests. In short, the company will take charge in operating the site.

Bruce Kim, CEO of SurplusGLOBAL, said “Now Korean companies with chemical plants suffer in trading off or liquidating surplus or used plants or material. They amount roughly to more than several million US dollars”. He hoped that this would-be-built eMarketplace of LG with SurplusGLOBAL support will boost the B2B e-commerce transaction in this field.