Toyota Motor North America Inducted Into Billion Dollar Roundtable - Honor Recognizes Over $1 Billion Commitment to Supplier Diversity
May 19, 2005 - New York, NY - Toyota Motor North America, Inc. (TMA) today
announced the company was inducted into the Billion Dollar Roundtable (BDR)
in recognition of over $1 billion in annual spending with ethnic and diverse
suppliers. Toyota was one of only two companies inducted into this prestigious
organization this year.
Established in 2000, the Billion Dollar Roundtable brings together corporations who make significant, measurable contributions to diverse minority economic growth and whose supplier diversity spending has reached $1 billion annually. As part of the BDR, member companies meet to share best practices on maintaining the billion dollar level of diversity spending and publish an annual white paper based on ideas gathered from industry leaders and BDR members. New member companies are inducted into the BDR every two years.
"As we continue to grow and invest in North America, Toyota remains committed to being a good corporate citizen and promoting diversity in each of the communities in which we do business," said Hideaki "Harry" Otaka, president and CEO of Toyota Motor North America. "Having a diverse supplier base not only helps strengthen the minority business community, leading to job creation and a stronger economy, but allows us to gain diverse ideas in areas including manufacturing support, goods and services, all of which create significant competitive advantages."
Toyota's induction into the BDR comes just four years after launching its 21st Century Diversity Strategy, which set tangible diversity targets for a broad range of operations, including employment, procurement, dealer representation and others. With the help of the industry's only Diversity Advisory Board, a seven-member Board chaired by former Secretary of Labor, Alexis Herman, Toyota has made strong progress in the areas of diversity and inclusion, beginning with a 26 percent increase in ethnic minority employees since 2000, and more than doubling its annual spending with ethnic and diverse suppliers.
This year's induction into the BDR is one of several recognitions of Toyota's supplier diversity initiatives. In 2004, Toyota received the "Corporation of the Year" award from the National Minority Supplier Development Council (NSMDC), as well as "The Distinguished Supplier Diversity Award" from the Minority Business Development Agency (MBDA), becoming the first company to receive both awards in the same year.
For more information about Toyotas efforts in diversity, visit www.toyota.com/diversity.
Toyota Motor North America, Inc. (TMA), wholly owned by Toyota Motor Corporation (NYSE:TM), is the holding company for Toyota's North American sales and manufacturing companies. TMA's direct functions include corporate communications, investor relations, corporate advertising; government and regulatory affairs; market, economic and industry research; corporate planning, diversity and philanthropy activities. Toyota currently employs more than 37,000 people in North America. The company's current investment in North America is $16.6 billion. North American-produced vehicles include the Avalon, Camry, Corolla, Matrix, Sienna, Solara, Sequoia, Tacoma, Tundra, and the Lexus RX 330. By 2006 Toyota's manufacturing operations will have the capacity to build 1.66 million vehicles and 1.44 million engines annually in North America.