Four research institutions — the Cleveland Clinic, Duke University, Massachusetts Institute of Technology, and the University of Southern California — have each been given an equal share of a distribution that tops $1 billion from a group of foundations set up by Tom Lord, a businessman who died in 1989.
The gifts follow the acquisition of Lord Corporation, a maker of adhesives and specialty materials, by Parker Hannifin Corporation in April. As part of the nearly $3.7 billion deal, Lord’s estate plan directed part of the proceeds to go to four foundations he had set up to support the institutions: the Lord Foundations of California, Massachusetts, North Carolina, and Ohio.
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