Micron Dedicates $35 Million to Support Global Communities and Provide Financial Relief for Those Affected by the COVID-19 Pa...
March 25 2020 - 4:05PM
Micron Technology, Inc. (Nasdaq: MU), today announced plans to
commit $35 million to help those disproportionately affected by
COVID-19. The company will launch a new Micron Foundation $10
million relief fund, increase employee gift matching, and introduce
financial assistance for team members through grants. Micron will
also provide in-kind support by accelerating payments to small
business suppliers, and donating facilities and supplies for
emergency medical response.
“Micron is prioritizing the health and safety of
our team members and partners, and the well-being of the
communities in which we operate,” said Micron President and Chief
Executive Officer Sanjay Mehrotra. “As the scale of the COVID-19
pandemic becomes more apparent, we are immediately accelerating our
efforts to provide funding, resources and support to those most
impacted by this health crisis.”
The new $10 million Micron Foundation COVID-19
Relief Fund will go toward global initiatives focused on economic
recovery, addressing both current and future community needs.
Funding will help support a range of charities and initiatives,
from food banks and school meal programs to health facilities and
online learning resources for students.
In addition, Micron has implemented a 2-to-1
company match for all designated COVID-19 donations to our Micron
Gives charitable program to double the impact of these
contributions. As part of its plans to offer greater community
resources, Micron will provide up to 300,000 protective masks to
local health officials and make Micron facilities available as
additional capacity for overflow patients if hospitals become
overwhelmed.
“With so much uncertainty about the effects of
COVID-19 on public health, the economy and nearly every aspect of
our daily lives, the roles of the Micron Foundation and our Micron
Gives programs have never been more critical,” said Micron
Foundation Executive Director Dee Mooney. “We have activated a
global network of community partners to ensure our resources are
applied quickly and effectively.”
Micron will also make a one-time COVID-19
assistance payment to its employees, offering $1,000 to all U.S.
team members who earn less than $100,000 per year, and
appropriately scaled amounts to those eligible in the other
countries where we operate. This initiative will reach over 68% of
Micron’s employee base worldwide. Additionally, Micron will invest
in an employee-supported fund for those facing financial hardship.
This fund will provide grants of up to $5,000 to individual team
members based on need.
“We are deeply concerned about the effects this
pandemic is having on our Micron team members,” said April Arnzen,
senior vice president of Human Resources at Micron Technology. “Our
Micron COVID-19 assistance payment aims to give our people, who are
critical to the strength of our business, some financial
relief.”
Micron is also accelerating payments to its more
than 500 small business vendors to ease near-term cash flow
challenges that many are facing around the world.
Micron has already initiated community
contributions along with employee-matching funds in China, Italy
and the U.S. to help combat COVID-19.
About Micron and Micron
Foundation We are an industry leader in innovative
memory and storage solutions. Through our global brands — Micron®
and Crucial® — our broad portfolio of high-performance memory and
storage technologies, including DRAM, NAND, 3D XPoint™ memory and
NOR, is transforming how the world uses information to enrich life.
Backed by more than 40 years of technology leadership, our memory
and storage solutions enable disruptive trends, including
artificial intelligence, 5G, machine learning and autonomous
vehicles, in key market segments like mobile, data center, client,
consumer, industrial, graphics, automotive, and networking. Our
common stock is traded on the Nasdaq under the MU symbol. To learn
more about Micron Technology, Inc., visit micron.com.
Since its founding in 1999, the Micron Foundation
has contributed over $100 million through philanthropy and people
to communities where our team members live and work. The Foundation
and Micron's corporate giving are driven by the Micron Gives
organization with grants, programs and volunteer efforts focused on
promoting science and engineering education and addressing basic
human needs.
To learn more, visit micron.com/foundation and
follow the Foundation on Twitter @MicronGives.
© 2020 Micron Technology, Inc. All rights reserved.
Information, products, and/or specifications are subject to change
without notice. Micron, the Micron logo, and all other Micron
trademarks are the property of Micron Technology, Inc. All other
trademarks are the property of their respective owners.
Micron Media Relations Contact
Erica Pompen
Micron Technology, Inc.
+1 (408) 834-1873
epompen@micron.com
Micron Investor Relations Contact
Farhan Ahmad
Micron Technology, Inc.
+1 (408) 834-1927
farhanahmad@micron.com
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