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Need2Buy.com, Mitsubishi Enter Joint Venture

VALLEY BUSINESS | VENTURA COUNTY DIGEST / BARBARA MURPHY

March 07, 2000|BARBARA MURPHY

Need2Buy.com in Westlake Village, a business-to-business online marketplace for buyers and sellers of electronic components, has entered into a joint venture with Mitsubishi Corp. to develop an e-commerce site for the fast-growing electronic components market in Asia.

The new venture, Need2Buy-Asia, is aimed at buyers, distributors and component manufacturers in the Far East.

Need2Buy will have a 60% stake in the joint venture, while Mitsubishi will invest the remaining 40%. The site is expected to be launched during the third quarter.

"Mitsubishi's local market knowledge, dominant presence and vast contacts in the Far East, along with our proven business methodology and robust technology infrastructure, form a solid combination," said Maury S. Friedman, chairman and chief executive officer of Need2Buy.

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