Duke University, MIT, USC and the Cleveland Clinic are each getting a $261 million windfall after the sale of a North Carolina manufacturing company
Four institutions have received windfalls of $261 million each after closely held Lord Corp., a Cary, N.C., manufacturing company, closed its $3.68 billion sale late last month to Parker Hannifin Corp.
Duke University, the Massachusetts Institute of Technology, the University of Southern California and the Cleveland Clinic are splitting evenly a surprise $1 billion-plus donation as a result of the sale, which also yielded a hefty payout for the firm’s shareholders.
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