Aetna Commits $50 Million to Support Minority- and Women-Owned Businesses over Next 4 Years; Announcement Comes as Black Enterprise Magazine Names Aetna to ''Best Companies for Diversity'' Top 40 List.HARTFORD, Conn. -- Aetna (NYSE NYSE See: New York Stock Exchange : AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. ) announced today 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President Ronald A. Williams. "These businesses are our customers; they employ our members and provide goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. to Aetna. By investing in these businesses, we are investing in our own future. We are honored to be named to Black Enterprise's list of best companies for diversity." Black Enterprise selected Aetna from among more than 1,000 of the country's largest publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , and more than 50 leading global companies with significant U.S. operations. Aetna's longstanding commitment to diversity has included the establishment of successful workplace and marketplace diversity programs as well as significant philanthropic initiatives. Today's commitment signifies its ongoing investment and support of this growing market segment. Of the $50 million, $5 million already has been invested in a minority-owned fund called UrbanAmerica LP II that specializes in building and revitalizing urban commercial real estate. Another $2.7 million will be invested with Milestone Capital Management, the only women-owned firm in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. specializing exclusively in the management of institutional money market funds. "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 Noun 1. purchasing department - the division of a business that is responsible for purchases business department - a division of a business firm . 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. Aetna is one of the nation's leading diversified health care benefits companies, serving approximately 28 million unique members with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health Behavioral health was first used in the 1980's to name the combination of the fields mental health and substance abuse. As an example, an organization serving both mental health and substance abuse clients might refer to its practice as behavioral health or , group life, long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and disability plans, and medical management capabilities. Our customers include employer groups employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. , individuals, college students, part-time and hourly workers, health plans and government-sponsored plans. www.aetna.com |
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