Broadcom Establishes $50 Million Foundation to Support Math and Science Education Programs and a Range of Community Services
IRVINE, Calif., April 27, 2009 — Broadcom Corporation (NASDAQ: BRCM) , a global leader in semiconductors for wired and wireless communications, today announced that the company has established a $50 million foundation to support math and science programs, as well as a range of community services.
The Broadcom Foundation intends to make charitable grants in excess of $2 million annually, the majority of which is anticipated to support math and science education programs. Additionally, a portion of the Foundation's annual funds will support a broad range of community services focused on the more than 100 communities where Broadcom employees live and work.
"The establishment of the Broadcom Foundation marks an important milestone in the company's growth, as we recognize that business leadership in the global semiconductor industry carries with it a responsibility to also take a leadership role in supporting local institutions that play meaningful roles in the communities where our employees live, work and play," said Broadcom President and CEO Scott McGregor.
"As a cutting-edge technology company, where 75 percent of our employees are engineers, Broadcom has always had a special interest in supporting math and science programs that will prepare the next generation of technology innovators," McGregor said. "Broadcom's emphasis on research and development funding, together with our world-class employees, has enabled Broadcom to amass one of the strongest product and patent portfolios in the semiconductor industry, and our support for math and science programs is another way to invest in the future."
"Many institutions around the world are facing challenges because of current economic conditions, and Broadcom is in a strong financial position to step up and support organizations that make a difference to our employees and their communities," McGregor said.
Later this year, qualified organizations that meet eligibility criteria, including qualified organizations supported by Broadcom's more than 7,000 employees, will be eligible to apply for grants. The Foundation is expected to begin making grants in early 2010. Preliminary information is available at www.broadcomfoundation.com and will be updated as details about the Broadcom Foundation become available.