The decision was made Nov. 13 in a vote taken by members of Omnexusâ 14 shareholding companies, representing leading resin suppliers, distributors, compounders and equipment makers.
Those companies decided not to fund Omnexus any longer and recommended the discontinuation of its trading platform, Michael Walsh, Omnexus chief operating officer, said in a telephone interview Monday from the companyâs U.S. headquarters in Atlanta.
âWe were in a fully evolving situation, but we didnât achieve the e-commerce adoption to support our marketplace,â Walsh said. âThatâs [one of] the realities of business.â
Omnexus launched in October 2000, backed by Dow Chemical Co., DuPont Co., BASF AG, Bayer AG and Ticona/Celanese AG.
The company will lay off its 45 employees, spread between Atlanta and at its European headquarters in Zurich, Switzerland, by the end of the month, Walsh said. While its trading arena will stop Nov. 30, the company is seeking buyers for its e-marketing and advertising services.
Two companies have expressed interest in those services and are negotiating with Omnexus, Walsh said. Those functions include Omnexusâ news service, electronic marketing support, Web seminars and lead-generation assistance.