Thursday, November 15, 2001

What's the Buzz?

Toyota buys more from minorities

        Toyota Motor Manufacturing's Erlanger headquarters has met its minority purchasing target ahead of schedule.

        At its 12th annual Opportunity Exchange on Wednesday, Toyota said its suppliers bought $400 million in goods and services from minority businesses this year, surpassing the company's goal of purchasing 5 percent from minorities within five years.

        Next year, Toyota said purchases from minority suppliers will reach $600 million, or 6 percent of its total North American purchases of $10 billion.

        “Toyota looks at the minority purchasing target as a floor not a ceiling. We will continue to make improvement in the area of diversity,” sais Dennis Cuneo, senior vice president.

        Four years ago, Toyota said its minority purchases totaled about $40 million.

        The Opportunity Exchange, which featured 60 Minutes' Ed Bradley as main speaker, is an annual effort by Toyota to link minority businesses people with its suppliers.

        About 500 minority business people were expected at the daylong event at the Northern Kentucky Convention Center.

— Mike Boyer

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