J.P. Morgan Purchasing Card Program Recognized by Eaton Corporation With a Premier Supplier Award
NEW YORK, - J.P. Morgan announced that it has been recognized by diversified industrial manufacturer Eaton Corporation as one of its top suppliers. J.P. Morgan’s Commercial Card business received Eaton’s prestigious Premier Supplier Award in recognition of the J.P. Morgan purchasing card program that has been in place at Eaton since 1995.
In addition, Eaton recently extended its North American purchasing card program with J.P. Morgan for an additional five years and newly awarded the company its purchasing program in Europe, the Middle East and Africa.
J.P. Morgan provides Eaton with purchasing cards that enable Eaton employees to make low-dollar purchases outside of the normal purchase order process, greatly lowering costs and improving efficiencies. Transactions are controlled via purchase limits and merchant category codes, and are imbedded with accounting codes which allow the transactions to be posted directly and electronically to Eaton’s general ledger.
“We are proud to honor these suppliers for their outstanding service and commitment to excellence. The Premier Supplier Awards are reserved for Eaton’s best suppliers,” said Craig Reed, senior vice president -- Supply Chain Management. “We thank and congratulate each of our suppliers and look forward to working with them in the coming year.”
“J.P. Morgan is honored to be part of an elite group representing the top 0.05% of Eaton’s global supply base of 35,000 suppliers,” said Eduardo Vergara, Global Commercial Card Executive, J.P. Morgan. “Eaton has been a purchasing card client since 1995, and we remain committed to helping them achieve their cost management goals in the years to come.”
This is the sixth year that Eaton has recognized a select group of its global suppliers with this award. The award winners fall within one of two supplier categories: Direct or Indirect Materials and Services. Direct Materials suppliers are those which provide goods used directly in the making of products (e.g. steel, bearings, seals, castings); Indirect Materials and Services suppliers provide goods or services to support plant production and maintenance or office services (e.g. cutting fluid, maintenance repair, office supplies, travel services).
The J.P. Morgan purchasing card is a MasterCard or Visa-branded credit card program that provides authorization control, comprehensive MIS reporting and a streamlined purchasing process that improves an organization’s bottom line by reducing the costs associated with procurement processes. Purchasing cards belong to a family of commercial card solutions that J.P. Morgan offers as part of our Payables Continuum. These products provide an organization with enhanced transaction data, increased financial incentives and operational efficiencies. According to The Nilson Report, J.P. Morgan is the #1 issuer of Visa/MasterCard purchasing cards in terms of dollar volume (2005 - 2010).
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
About Eaton Corporation
Eaton Corporation is a diversified power management company with 2010 sales of $13.7 billion. Celebrating its 100th anniversary in 2011, Eaton is a global technology leader in electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 70,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com.
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