DEARBORN, Mich., Jan. 15, 2014 /PRNewswire/ --
- More than 20 Michigan small businesses are awarded contracts with Ford and its Tier 1 suppliers
- 2013 Pure Michigan Business Connect Ford Matchmaking Summit opened the door to additional procurement opportunities that may not have been previously available to Michigan suppliers
- Ford has successful history of bringing together suppliers and small businesses, especially minority-, women- and veteran-owned companies
Ford and its Tier 1 suppliers awarded $10.4 million in contracts to Michigan-based companies through the 2013 Pure Michigan Business Connect Ford Matchmaking Summit.
Ford hosted the summit in March 2013 with the Michigan Economic Development Corporation, in partnership with the Detroit Regional Chamber. Ford, the first OEM to host the summit, used the event to connect more than 300 qualified Michigan suppliers with 12 of the company's purchasing teams and 30 of its Tier 1 suppliers.
"For a program like Pure Michigan Business Connect to be successful, we need leaders like Ford and its commitment to grow our economy organically from within, and we thank them for their investments in Michigan," said Gov. Rick Snyder. "Their commitment, along with those of other PMBC members, means significant growth opportunities for Michigan companies."Supply contracts for more than $11 million were sourced because of the summit, with $10.4 million originating with Ford and its suppliers. Ford directly sourced $5.8 million with Michigan-based small businesses, and its Tier 1 suppliers signed $4.6 million in contracts with local companies. "The matchmaking summit allowed the Dura Automotive team exposure to high-quality Michigan small businesses that we otherwise would not be aware of," said Richard Hopkins, vice president of global purchasing, Dura Automotive Systems, one of the Ford suppliers that participated in the event. "We sourced more than $45 million with 200 local suppliers in 2013, including $9.2 million with diverse suppliers. As a Michigan based company ourselves, Dura is thrilled to be supporting growth and job creation in our local community." Ford has a long history of "matchmaking" suppliers through its Supplier Diversity Development program, which celebrated its 35 th anniversary in 2013. Through the program, Ford aims to source at least 10 percent of U.S. purchases from minority, women and veteran-owned businesses. Since the program's inception, Ford has spent more than $67 billion with diverse suppliers. Ford is committed to using home-grown suppliers. In 2012, the company purchased $15 billion in goods and services from Michigan-based companies. "We are proud to be the first OEM to support Gov. Snyder's initiative to increase additional opportunities with Michigan small businesses," said Hau Thai Tang, Ford group vice president, global purchasing. "Ford recognizes the importance of our supplier network in the success and growth of our company, and we truly believe in profitable growth for all." About Ford Motor Company Ford Motor Company (NYSE: F), a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 180,000 employees and 65 plants worldwide, the company's automotive brands include Ford and Lincoln. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford and its products worldwide, please visit http://corporate.ford.com. SOURCE Ford Motor Company
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts