WASHINGTON, June 4, 2012 /PRNewswire-USNewswire/ -- The United States Hispanic Chamber of Commerce (USHCC) applauds Ford Motor Company for their record-breaking contract sourcing to minority-owned companies. In 2011, Ford Motor Company sourced $5.08 billion and $1.06 billion in goods and services from U.S. minority and women-owned business enterprises, respectively. The company recently announced that in 2011 it surpassed its supplier diversity benchmark once again. This marks the third year in a row, in which Ford exceeded its goal to source at least 10 percent of U.S. purchases with minority and/or women owned businesses.
"Our commitment to minority suppliers remains a top priority," said Tony Brown, Ford Group Vice President for Global Purchasing. "At Ford, we believe a diverse supplier base provides an opportunity to gain a competitive advantage in a constantly changing multicultural global economy."
Paul Ureste, Managing Member of Global Parts & Maintenance, a Hispanic owned company based in Westland, MI, stated "Ford has stood by GP&M from the very beginning dating back to 1997 by consistently mentoring, challenging and growing the organization." Ford's commitment to Go Further extends to its entire supply chain network. Ford's tier-one suppliers spent $1.66 billion with minority-owned businesses in 2011, up from $1.29 billion in 2010.
Ford's announcement comes after receiving an improved rating from Moody's Investors Service one week ago. In 2006, the company posted several factories as well as the iconic Ford logo as collateral for a $23.5 billion loan. Although they never stopped using them, the debt rating upgrade has allowed Ford to gain back the ownership rights these assets. The investment grade rating will allow Ford more financial flexibility and will boost investor confidence even further.
"The USHCC is delighted to recognize Ford's award-winning supplier diversity efforts." said USHCC President and CEO, Javier Palomarez. "Ford's historic place as a creator and sustainer of American jobs has never been more evident than today. We believe their success is greatly aided by their steadfast commitment to supplier diversity."
Ford's Supplier Diversity Development efforts were recognized last year with numerous awards, including:
2011 Automotive New Supplier's Choice Award
2011 MMSDC Corporation of the Year Award
2011 Women Business Enterprise National Council Top Corporation for Women
2011 USHCC Million Dollar Club Member
Black Enterprise Magazine: 40 Best Companies for Diversity
On Wheels: Urban Wheels Company of the Year
Black EOE Journal: Top 100 Supplier Diversity Programs for African-Americans
Diversity Plus Magazine: Top 30 Champions of Diversity
Diversity Inc. Magazine: Top 10 Best Companies for Supplier Diversity
About the United States Hispanic Chamber of Commerce:
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that combined generate in excess of $465 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico. For more information, visit http://www.ushcc.com.
SOURCE United States Hispanic Chamber of Commerce