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Aetna Commits $50 Million to Support Minority– and Women-Owned Businesses over next 4 Years |
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| Published on July 14, 2006 |
Aetna (NYSE: AET) announced a $50 million commitment to support the growth of minority- and women-owned businesses. This announcement coincides with Black Enterprise naming Aetna to its list of “Best Companies for Diversity,” the only national health plan receiving this recognition.
“Aetna recognizes the strength of minority- and women-owned businesses, and our investment is a tangible sign of our commitment to fostering their growth,” said CEO and President Ronald A. Williams. “These businesses are our customers; they employ our members and provide goods and services to Aetna. By investing in these businesses, we are investing in our own future.”
Aetna’s longstanding commitment to diversity has included the establishment of successful workplace and marketplace diversity programs as well as significant philanthropic initiatives.
“Women- and minority-owned businesses are a growing sector of our nation’s economy.Aetna’s strategy to contribute to that growth includes mentoring entrepreneurs, adding to available investment capital, and purchasing goods and services,” said Joseph C. Black, head of Aetna’s Corporate Purchasing department.
Aetna has continued to expand its relationships with minority- and women-owned suppliers – increasing spending by 15 percent in 2005 to a total of $70 million in goods and services. The company added an external website for suppliers www.aetna.com/diversity/supplier.html, featuring a hassle-free registration process for potential vendors, and access to BusinessLinc, a mentorship resource which helps minorities maximize their business opportunities.
“We have further strengthened Aetna’s business infrastructure to help us reach our 2006 goal of making at least 10 percent of all direct purchases from minority- and women-owned businesses,” said Raymond Arroyo, head of Diversity at Aetna.
For more information on Aetna’s culture of diversity, view Aetna’s 2005 Diversity Annual Report online at www.aetna.com/diversity.
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