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I2 partners with Honeywell, United Technologies on B2B venture

I2 Technologies (Nasdaq: ITWO) said Monday its business-to-business platform will be used in a joint venture between i2, United Technologies Corp. (NYSE: UTX), Honeywell (NYSE: HON).

The venture, called, will provide an electronic marketplace for aerospace products and services. The aerospace industry currently generates about $500 billion in annual sales worldwide.

The joint venture will use i2's TradeMatrix platform to provide business-to-business collaboration, supply chain management, parts planning and procurement in the marketplace.

The deal could be a big boost for i2 as a B2B player., which will debut in the second quarter, will feature a Web-enabled supply chain that includes multi-enterprise participation, procurement and bid-auction capabilities.

It wasn't immediately clear how the i2 deal affects FreeMarkets (Nasdaq: FMKT). FreeMarkets recently lost General Motors (NYSE: GM) as a big customer to CommerceOne (Nasdaq: CMRC). FreeMarkets said United Technologies represented 34 percent of sales in the fourth quarter. FreeMarkets officials weren't immediately available for comment.

Separately, FreeMarkets announced the latest version of its BidWare auction technology.

Under the i2 joint venture, will be operated as an independent company. United Technologies and Honeywell will own equal shares of this venture, with i2 owning the remaining equity. The companies didn't offer more details. The companies said terms were still being negotiated.

"The combination of Honeywell's and UTC's experience in the aerospace industry, along with i2's leading solutions for business-to-business applications, positions to be a premiere business-to-business marketplace for the aerospace industry," said Sanjiv Sidhu, i2 chairman and CEO, in a statement.