|
|
 |
ADC Contributes $10 Million to Its Foundation
Oct. 15, 2007
ADC's board of directors approved a $10 million cash grant to the ADC Foundation. The donation will be made from the proceeds of a previously announced cash gain from the sale of stock of BigBand Networks, Inc.
"ADC is pleased to share some of its earnings from investments with the communities it serves," said Robert E. Switz, president and CEO of ADC and chairman of the ADC Foundation. "We believe that this contribution to the foundation is an effective way to act on our commitment to good corporate citizenship. The $10 million donation, added to residuals from our earlier investment in the foundation, will serve many local communities worldwide where ADC employees live and work."
Established in 1999, the ADC Foundation is the charitable arm of the company. In 2000, the foundation was endowed with an initial contribution from ADC, along with the intent that the foundation be more fully funded by subsequent donations.
Like the earlier donation, this new grant is intended to help fund the foundation's operations for several years to come. The grant is expected to be completed by October 31, 2007, the end of the company's current fiscal year.
The ADC Foundation supports employee giving and volunteerism and makes charitable grants in communities in the U.S. and six other countries where ADC does business. Grantmaking
is strategically aligned with the company's interests by a focus on mathematics and science education, and on information and communications technology assistance for nonprofit organizations.
>
More headlines
|
|
