press release

Texaco Press Release - Texaco Chairman and CEO to Chair National BusinessLINC

Business Mentoring Program Announced at White House

FOR RELEASE: TUESDAY, AUGUST 10, 1999.

WHITE PLAINS, N.Y., Aug. 10 - President Bill Clinton today announced that Texaco Chairman and CEO Peter I. Bijur will chair BusinessLINC, a national coalition designed to foster business-to-business partnerships in economically distressed urban and rural communities. Bijur accepted this role on behalf of The Business Roundtable, a member of the national coalition.

During a White House meeting, President Clinton, Bijur and other business and government leaders discussed the tangible benefits that can be realized from strategic alliances between large and small firms. The BusinessLINC acronym stands for Learning, Investment, Networking and Collaboration.

"There is a competitive advantage to be gained from the fresh ideas and new approaches to business that many smaller companies possess," Bijur said. "BusinessLINC will help smaller companies open the doors to larger markets, where they can demonstrate their significant value."

Bijur continued, "One of the objectives of the BusinessLINC national coalition will be to challenge the corporate community to establish specific, measurable commitments to small businesses in urban and rural areas. At Texaco, we established a five-year goal of spending $1 billion with minority- and women-owned firms. Today, at the halfway point, Texaco has spent almost $602 million."

Joining Bijur at the White House event was Joe Delpit, President of Lettsworth Oilfield Services, based in Baton Rouge, Louisiana. Through Texaco, Lettsworth established an alliance with a long-term Texaco supplier to provide the company's Gulf of Mexico operations with a unique package of oil drilling supplies. The result was lower costs and higher efficiency for Texaco's drilling operations and approximately $4 million in new business for Lettsworth.

The national coalition will encourage large firms to provide technical assistance, business advice, investment and joint venturing opportunities for locally owned, smaller businesses. Local BusinessLINC efforts are underway in Boston, Chicago, Dallas, the District of Columbia, the Mississippi Delta Region and New York City. An additional six local BusinessLINC chapters are expected to be established by yearend.

Other members of the national coalition include the National Association of Women Business Owners; Women's Business Enterprise National Council; National Minority Supplier Development Council; The Conference Board; U.S. Hispanic Chamber of Commerce; National Association of Minority Contractors; National Congress for Community Economic Development; the National Black Chamber of Commerce; the U.S. Pan Asian American Chamber of Commerce; Asian, Inc. and the National Coalition of Minority Businesses.

Updated: August 1999