Procter & Gamble Sets Supplier Diversity Goal

Compiled ByJill Jusko The Procter & Gamble Co., Cincinnati, reports that it will spend $1.5 billion annually with minority and women suppliers by 2005. "While we spend nearly $1 billion with minority and women suppliers today, we will steadily grow that number by 15% each year until 2005," says Gary Simpson, P&G vice president-Global Baby Care, Product Supply. "With minority populations of today quickly becoming the majority of the population tomorrow, we see a competitive advantage in increasing our business with entities that reflect our country's diverse consumers," says Daryl Hodnett, group manager, P&G Supplier Diversity Development. P&G's supplier diversity network of minority- and women-owned businesses is comprised of 1,250 businesses. The consumer-products company says it will spend 11% of its procurement budget with this network in 2005. P&G began its minority-supplier development program in 1972 with six suppliers.