Duke, MIT, USC, Cleveland Clinic get $1B to teach and research

https://www.yahoo.com/news/3-universities-medical-center-1b-152746989.html

Receiving $260 million apiece will be Duke University, the Massachusetts Institute of Technology, the University of Southern California, and the Cleveland Clinic. The institutions are free to use the money as they see fit.

The gifts come from this year’s sale of the Lord Corp. to Parker-Hannifin Corp for $3.68 billion. Lord made products that dampened noise and vibration, specialty adhesives and other products used by automotive and aerospace industries.

The late Thomas Lord in 1982 set aside ownership shares in the company for four foundations. Each foundation benefits one of the institutions and the four have already received tens of millions of dollars over time.