Cleveland Clinic, Duke University, Massachusetts Institute of Technology and University of Southern California will each receive $261 million for medical education and research from the sale of Lord Corp., a private technology and manufacturing company, according to a Nov. 13 news release.
In the 1980s, Lord, a manufacturing company that develops motion management devices, adhesives and sensing technologies, formed four separate foundations to support research efforts at Cleveland Clinic, Durham, N.C.-based Duke University, Boston-based MIT and Los Angeles-based USC. Since establishing the foundations, the organizations have received around $200 million each. Lord was purchased by Parker Hannifin Corp. for $3.6 billion in October.
The $1 billion donation will be split evenly among the four healthcare organizations. The deal is expected to be completed following required approvals, according to the news release emailed to Becker's Hospital Review.
"Cleveland Clinic was founded on the ideal that innovation, research and teaching are integral components of patient care," said Tom Mihaljevic, MD, CEO and president of Cleveland Clinic. "The Lord Foundation's generous distributions allow us to continue tackling today's most complex medical challenges, discovering the next breakthroughs and improving lives worldwide."