This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ford Brings Together Suppliers, Small Businesses To Help Grow Michigan Economy Through Matchmaking Summit

DEARBORN, Mich., March 21, 2013 /PRNewswire/ --
  • Ford is matching 12 of its purchasing teams and 30 of its Tier 1 purchasing teams with qualified Michigan suppliers, which can help spur economic growth and increase jobs in the state
  • Ford-hosted matchmaking summit is first of its type for OEMs; Ford has successful history of bringing together suppliers and small businesses, especially women, minority and veteran-owned businesses
  • A Center for Automotive Research (CAR) study released today finds that opportunities for Tier 2 and Tier 3 suppliers in Michigan are growing

Ford is playing matchmaker today with its suppliers and additional small businesses, aiming to help grow the economy and add jobs in Michigan.

The 2013 Pure Michigan Business Connect Ford Matchmaking Summit, hosted by Ford and the Michigan Economic Development Corporation (MEDC), in partnership with the Detroit Regional Chamber, provides an opportunity for Michigan businesses to help other Michigan businesses grow and be more competitive.  

Ford is bringing 12 of its purchasing teams together with 30 of its Tier 1 purchasing teams to connect them to qualified Michigan suppliers. The company spent more than $15 billion last year with Michigan suppliers.

"The participation of Ford in Pure Michigan Business Connect opens the door to millions of dollars per year in additional procurement opportunities that may not have been previously available to Michigan suppliers," said Michigan Gov. Rick Snyder. "Furthermore, Ford's agreeing to be the first OEM to host a Pure Michigan Business Connect Matchmaking Summit brings this commitment to life."

Ford started the process by asking its Tier 1 suppliers what they needed to source. The MEDC received more than 7,400 responses from nearly 1,000 Michigan companies interested in participating. From there, event organizers arranged nearly 700 matchmaking discussions for today.

" Michigan has a wealth of businesses that can help Ford continue growing as a global automotive leader," said Joe Hinrichs, Ford president of The Americas. "It is smart business for Ford and for a variety of companies and industries to tap into the outstanding network we have here in Michigan."

A study released today by the Center for Automotive Research (CAR) finds opportunities for Tier 2 and Tier 3 suppliers in Michigan are growing and that this growth can help spur the state's economy and increase jobs.

As an example, CAR examined the impact of the $770 million investment Ford made in the past two years to convert its Michigan Assembly Plant (MAP) from building trucks to being the only plant in the world to build vehicles with five powertrain systems across the Focus and C-MAX vehicle lines. This investment is core to meeting Ford's global standard for flexible manufacturing.

When direct and indirect employment is taken into account, MAP influences nearly 24,000 jobs in Michigan and 48,000 throughout the United States. In addition, Tier 1 suppliers located in the state account for the single largest share of MAP's total purchase value, $1.1 billion, or 34 percent of the $3.2 billion total in annual parts purchases annually.

Other matchmaking success stories

The 2013 Pure Michigan Business Connect Ford Matchmaking Summit mirrors efforts by Ford to engage and match qualified minority, women and veteran-owned businesses with its business and supplier network. Ford has an annual goal of sourcing at least 10 percent of U.S. purchases from these types of businesses and encourages its suppliers to follow suit.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.45 -0.61%
FB $98.16 -5.70%
GOOG $667.43 -2.40%
TSLA $147.35 -9.40%
YHOO $26.90 -3.80%


Chart of I:DJI
DOW 15,823.04 -381.93 -2.36%
S&P 500 1,833.92 -46.13 -2.45%
NASDAQ 4,231.6460 -131.4980 -3.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs