Printer Friendly

BURGER KING CORPORATION COMMITS $100 MILLION TO SUPPORT MINORITY FRANCHISEES AND SUPPLIERS; EIGHT-POINT PLAN TO FOSTER DIVERSITY

 MIAMI, Dec. 6 /PRNewswire/ -- Burger King Corporation has earmarked $100 million to support ethnic franchisees and suppliers over a period of five years. The financial commitment is part of an eight-point plan aimed at aggressively promoting opportunities for minorities within the Burger King(R) system.
 The company will provide $10 million per year for five years in development funds for qualified ethnic franchisees, and an additional $10 million per year for five years as start up capital in the form of loan guarantees or direct investments for minority suppliers to the Burger King system. In addition, Restaurant Services, Inc. (RSI), the purchasing agency for the Burger King system, working hand-in-hand with the corporation, will provide technical support and other assistance to foster minority supplier growth.
 "RSI is committed to the goal of increasing the number of minority suppliers to the system," said Bill Spence, RSI chairman of the board of directors.
 Additionally, Burger King has pledged $500,000 per year for that same period to support targeted minority community and civic events.
 "Society has erected many institutional barriers which traditionally have stood in the way of minority progress," said Scott Colabuono, Burger King Corporation chief financial officer and chairman of the company's Diversity Action Council. "Our aim is to continue to break down those barriers."
 The eight-point diversity plan includes specific initiatives designed to further improve the company's minority representation in the following areas: franchise development, operations, employment, procurement, marketing and advertising, corporate contributions and banking.
 The program will be driven by the Diversity Action Council (DAC), an organization formed by Burger King Corporation in December 1992, which comprises corporate executives, ethnic franchisees and ethnic business leaders such as Rev. Willie T. Barrow, chair of the board of Operation PUSH; The Honorable Matthew Fong, vice chair of the State Board of Equalization (California's elected tax commission); and The Honorable Toney Anaya, former governor and attorney general of New Mexico.
 The first organization of its kind in the fast food industry, the DAC is aimed at identifying and developing business opportunities for African-Americans, Hispanic-Americans, Asian-Americans, Native Americans and other minorities within the quick service restaurant chain.
 "In the rapidly approaching 21st century, racial and ethnic minority groups will be predominant in many of our communities," stated Ray Hood- Phillips, Burger King Corporation vice president of Diversity Affairs. "Our corporate investment in diversity makes good business sense. We are committed to helping the diverse communities we serve participate as our economic partners."
 Burger King Corporation is a subsidiary of Grand Metropolitan PLC, one of the United Kingdom's largest international companies. GrandMet is a world leader in the food, drinks, and retailing sectors with sales of approximately $12.5 billion. Other U.S. subsidiaries of GrandMet include The Pillsbury Company, Haagen-Dazs, ALPO Petfoods, Carillon Importers, Heublein, Inc., The Paddington Corporation, and Pearle, Inc. Burger King Corporation and its franchisees operate more than 7,100 restaurants in 50 countries worldwide. In Fiscal Year 1993, Burger King had systemwide sales of $6.7 billion.
 -0- 12/6/93
 /CONTACT: Cori Zywotow or Michael Evans of Burger King, 305-378-7277/


CO: Burger King Corporation; Restaurant Services, Inc. ST: Florida IN: LEI SU:

AW-JB -- FL004 -- 0739 12/06/93 11:34 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 6, 1993
Words:534
Previous Article:DIY HOME WAREHOUSE, INC. ELECTS OUTSIDE DIRECTORS
Next Article:INTERNATIONAL FAMILY ENTERTAINMENT COMMENCES DISCUSSIONS WITH SPECIAL COMMITTEE OF NOSTALGIA CONCERNING $3/SHARE IN CASH ACQUISITION PROPOSAL
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters