CLEVELAND—The Cleveland Clinic has received a $261 million gift—the largest in its history—from the Lord Foundation of Ohio.
The distribution was made possible by the sale of privately held manufacturing company Lord Corp., which was founded in Erie, Pa. and now based in Cary, N.C. It grew to sales of more than $1 billion in 2018 and was just purchased by Parker Hannifin Corp. for $3.675 billion, triggering the distribution of the proceeds to four institutions, including the Clinic.
Also receiving distributions gifts of similar amounts are Duke University, the Massachusetts Institute of Technology and the University of Southern California. Each are receiving about $261 million as beneficiaries of gifts of stock from the late Thomas Lord, who led the family-owned company until his death in 1989, according to the release.
"Cleveland Clinic was founded on the ideal that innovation, research and teaching are integral components of patient care," Dr. Tom Mihaljevic, CEO and president of the Clinic, said in a prepared statement. "Mr. Lord's generous gifts allow us to continue tackling today's most complex medical challenges, discovering the next breakthroughs and improving lives worldwide."
Lord's estate plan included creation of the Jura Corp., a holding company, and the establishment of four foundations, including the Lord Foundation of Ohio, which was an indirect owner of Lord Corp. thanks to a generous gift from Thomas Lord in 1989, according to the release. The foundation has received $261 million in connection with this transaction.
"When developing his estate plan, Tom Lord identified research institutions that shared his vision of continuous learning and innovation," said Lt. Gen. Frederick McCorkle, USMC (Ret.), chairman of the Jura Corp. board of directors, in a prepared statement.