Cypress Donates $9 Million, 75,000-Square-Foot Building to Second Harvest Food Bank
June 20 2011 - 4:15PM
Business Wire
Cypress Semiconductor Corp. (NASDAQ:CY) today announced the
donation of a 75,000-square-foot, one-story office building on five
acres of land to Second Harvest Food Bank of Santa Clara and San
Mateo Counties. Valued at approximately $9 million, the building
and land, located at 4001 North First Street in San Jose, is the
single-largest corporate gift made to the Food Bank to date.
The announcement comes at a time when Second Harvest Food Bank
is facing growing demand for services in Santa Clara and San Mateo
counties. Requests for assistance have increased nearly 42% over
the past three years, forcing the Food Bank to expand into rented
warehouse space. The new facility will nearly double the Food
Bank’s overall space and increase its food distribution capacity by
at least 50% over the next five years, from 46 million pounds of
food to 69 million pounds, translating to 18 million additional
meals provided. In addition to enabling fresh produce warehousing
and distribution, the building will also become the Food Bank’s new
Santa Clara County volunteer services hub. Once in operation this
fall, the site will provide the Food Bank with a presence in the
heart of Silicon Valley, centrally located between its main
facility in San Jose and its San Mateo County operation on Bing
Street in San Carlos.
Cypress Semiconductor, based in San Jose, has been the largest
per-capita corporate donor to Second Harvest Food Bank in each of
the past 20 years. In 2010, the company made a joint $1.1 million
donation with former Cypress subsidiary, SunPower Corp., to put
solar panels on the roof of the organization’s Curtner Avenue
facility. The installation is one of the largest in Santa Clara
Valley at 322 kilowatts, and is projected to save the Food Bank
enough money in reduced electric bills to provide 6 million
additional meals to the community over the 25-year life of the
system.
Second Harvest Food Bank CEO Kathy Jackson said she is delighted
with Cypress’s large gift. “We are thrilled by Cypress’s generous
building donation to Second Harvest. We have been struggling to
address physical capacity limitations for some time, and this truly
transformative gift will allow us to provide increased amounts of
fresh, nutritious produce to members of our community who are
experiencing hunger — many for the first time.”
T.J. Rodgers, Cypress’s president and CEO, said, “It is humbling
to realize that in such an affluent area as the Silicon Valley
there are so many people in need of basic necessities like food and
shelter. There is no organization that is more efficient at serving
the community than Second Harvest Food Bank. Cypress is once again
pleased to support Second Harvest in its effort to stamp out hunger
in our community.”
For each of the past five years, Second Harvest Food Bank has
received Charity Navigator’s 4-Star rating for efficiency and
extraordinary fiscal responsibility, placing it in the top 5
percent of all nonprofit organizations in America.
The Cypress building that is being gifted to Second Harvest was,
until recently, the headquarters site of Cypress’s Data
Communications and Memory Products Divisions. Cypress moved these
employees to other Cypress buildings that were not fully occupied,
making the building available for donation to the Food Bank.
About Cypress
Cypress delivers high-performance, mixed-signal, programmable
solutions that provide customers with rapid time-to-market and
exceptional system value. Cypress offerings include the flagship
PSoC® programmable system-on-chip families and derivatives such as
PowerPSoC® solutions for high-voltage and LED lighting
applications, CapSense® touch sensing and TrueTouch™ solutions for
touchscreens. Cypress is the world leader in USB controllers,
including the high-performance West Bridge® solution that enhances
connectivity and performance in multimedia handsets. Cypress is
also a leader in high-performance memories and programmable timing
devices. Cypress serves numerous markets including consumer, mobile
handsets, computation, data communications, automotive, industrial
and military. Cypress trades on the NASDAQ Global Select Market
under the ticker symbol CY. Visit Cypress online at
www.cypress.com.
About Second Harvest Food Bank
Second Harvest Food Bank of Santa Clara and San Mateo Counties
is the trusted leader dedicated to ending hunger in Silicon Valley.
Since its inception in 1974, Second Harvest has become one of the
largest food banks in the nation, providing food to an average of
nearly one quarter of a million people each month. The Food Bank
mobilizes individuals, industries and community partners to connect
people to the nutritious food they need. Nearly half of what is
distributed is fresh produce. Second Harvest also plays a leading
role in promoting federal nutrition programs and educating families
on how to make healthier food choices to end local hunger. Visit
www.SHFB.org to get involved.
Cypress and the Cypress logo, PSoC, PowerPSoC, CapSense, West
Bridge and EZ-USB are registered trademarks of Cypress
Semiconductor Corporation. Programmable System-on-Chip, and CyFi
are trademarks of Cypress Semiconductor Corp. All other trademarks
are the property of their respective owners
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