As the events surrounding the COVID-19 pandemic continue to evolve rapidly, the Caterpillar Foundation, the philanthropic arm of Caterpillar Inc. (NYSE: CAT), announced it is committing $8.5 million to support global communities, including underserved populations, who are affected by the virus.
The Foundation’s investment will support nonprofit organizations who are working to help prevent, detect and respond to the pandemic; providing resources to hospitals, medical staff and patients; addressing food insecurity; and enabling online STEM and coding education for youth impacted by school closures.
“These investments are an important expression of our company’s values,” said Jim Umpleby, Caterpillar Chairman and Chief Executive Officer. “As we all work together to fight the pandemic, the Foundation’s resources will provide essential support in communities around the world.”
The Caterpillar Foundation is also expanding its existing U.S. Matching Gifts Program to provide a 2:1 match on employee and retiree donations made to eligible nonprofits beginning March 16 through May 1, 2020, per the program conditions.
“The Caterpillar Foundation is focused on building more sustainable and resilient communities, helping them emerge stronger together during this unprecedented time,” said Asha Varghese, Caterpillar Foundation president. “Our employees and retirees give so generously, and we are proud to amplify their gifts and support our many nonprofit partners working tirelessly to keep our communities safe and prosperous.”
The Foundation’s $8.5 million investment is being distributed among a number of organizations and COVID-19 funds around the world, including:
- United Nations Foundation / World Health Organization Solidarity Response Fund;
- King Baudouin Foundation Fund for Italy;
- Global Foodbanking Network Global Fund;
- Feeding America Response Fund;
- Boys & Girls Clubs of America; and
- Illinois COVID-19 Response Fund.
Earlier this year, the Foundation made a $250,000 donation to the China Women’s Development Foundation to provide healthcare facilities with critical medical protective materials in China’s Hubei province, where the outbreak initially occurred. In addition to these organizations, the Foundation is collaborating with our global facilities to support local nonprofits contributing to the COVID-19 response efforts.
The Caterpillar Foundation is also a member of the American Red Cross Annual Disaster Giving Program (ADGP). This program provides a funding base that allows the Red Cross to respond immediately to the needs of individuals and families impacted by disasters in the United States and around the world. Through our ADGP support, the American Red Cross is able to help people prepare for, respond to and recover from disasters around the world in partnership with international Red Cross societies, including assisting the International Federation of Red Cross as it coordinates a global response to the COVID-19 pandemic.
Since 1925, Caterpillar Inc. has been helping our customers build a better world – making sustainable progress possible and driving positive change on every continent. With 2019 sales and revenues of $53.8 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Services offered throughout the product life cycle, cutting-edge technology and decades of product expertise set Caterpillar apart, providing exceptional value to help our customers succeed. The company principally operates through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and provides financing and related services through its Financial Products segment.
About Caterpillar Foundation
Founded in 1952, Caterpillar’s philanthropic organization, the Caterpillar Foundation, has contributed more than $740 million to help make sustainable progress possible around the world by building resilient communities that thrive in a rapidly changing world.