CLEVELAND (WJW) -- The Cleveland Clinic announced Wednesday it has received the largest gift in his 100-year history.
The Lord Foundation of Ohio made a $261 million distribution to the Clinic. The Cleveland Clinic said the gift was made possible by the sale of LORD Corporation, a privately-held manufacturing company.
The Clinic said the LORD Corporation-- founded in Erie, Pennsylvania, and now based in Cary, North Carolina -- grew to sales of more than $1 billion in 2018. It was purchased by Parker-Hannifin Corporation for $3.675 billion, triggering the distribution of the proceeds to the Clinic and to three other institutions: Duke University, the Massachusetts Institute of Technology (MIT) and the University of Southern California (USC).
The Clinic said the donation will serve its mission of patient care, research, innovation and education. Its mission is: “To provide better care of the sick, investigation into their problems and further education of those who serve.”
“Cleveland Clinic was founded on the ideal that innovation, research and teaching are integral components of patient care. Mr. Lord’s generous gifts allow us to continue tackling today’s most complex medical challenges, discovering the next breakthroughs and improving lives worldwide," Tom Mihaljevic, M.D., CEO and President of Cleveland Clinic, said in a press release.