Toyota plans to use more firms owned by minorities

Toyota Motor Corp., which has a plant in Huntsville, plans to increase its contracts with minority-owned vendors.

At the automaker's annual Opportunity Exchange in Cincinnati this week, Toyota said it aims to award 10 percent of its U.S. contracts for parts, goods and services to minority businesses.

"Toyota believes it is imperative to do business with minority enterprises," said Jim Press, president of Toyota Motor North America Inc. "Not only does it help our bottom line, but it more closely reflects the diversity of our customers and employees across the United States."

Toyota's Huntsville engine plant has awarded 11 percent of its contracts to minority business enterprises, or MBEs, plant spokeswoman Stephanie Deemer said. Specific numbers on contracts awarded were not available.

Opportunity Exchange is designed to provide MBEs across the nation with the chance to network and develop relationships with more than 275 of Toyota's direct suppliers. Since the first exchange in 1990, the event has grown from 100 participants and $350,000 in business to more than 1,800 participants and $100 million in new contracts last year.

The automaker's previous target for MBE contracts was 7.5 percent of total contracts, and company officials say they have exceeded that goal for the past two years.