Carmaker Toyota said Wednesday it plans to target 10 percent of its overall U.S. purchases of parts, goods and services from minority businesses.
"Currently, more than 7 percent of Toyota's U.S. purchasing is done with Minority Enterprises," said Osamu "Simon" Nagata, vice president of Purchasing at Toyota Motor Engineering & Manufacturing North America, Inc., in a release. "Ten percent represents an aggressive target that will challenge Toyota and offer us a great opportunity."
Toyota made the announcement at its 17th annual Opportunity Exchange conference and trade fair in Cincinnati.
Opportunity Exchange is designed to provide minority business enterprises, or MBEs, with access to more than 275 of Toyota's direct suppliers. The event has grown from 100 participants and $350,000 in resulting MBE contracts in 1990 to more than 1,800 participants and more than $100 million in new contracts through last year.
"Not only does it help our bottom line, but it more closely reflects the diversity of our customers and employees across the United States," said Jim Press, president of Toyota Motor North America.