JEFF AMY and KANTELE FRANKO
Three universities and a health care institution are sharing a gift of more than $1 billion that’s one of the largest in the history of higher education, they announced Wednesday.
Receiving $260 million apiece will be Duke University, the Massachusetts Institute of Technology, the University of Southern California, and the Cleveland Clinic. The institutions are free to use the money as they see fit.
The gifts come from this year’s sale of the Lord Corp. to Parker-Hannifin Corp for $3.68 billion. Lord made products that dampened noise and vibration, specialty adhesives and other products used by automotive and aerospace industries.
The late Thomas Lord in 1982 set aside ownership shares in the company for four foundations. Each foundati