Lam today announced it is dedicating $25 million for global COVID-19 relief and recovery efforts. The fund includes the relief funds to employees, employee benefit resources, and additional support for the areas in which Lam operates, including supplies for hospitals and both short-term and long-term community assistance as well as Lam’s 2-for-1 gift matching for eligible COVID-19 relief programs.
In addition to the fund, Lam has donated our surplus inventory of masks for immediate relief to local hospitals, and at the same time, Lam’s innovative engineers and others with 3D printers at home have begun developing prototypes and printing protective face shields.
An overview of Lam’s global COVID-19 relief fund can be found in the press release below.
Lam Research Commits $25 Million To COVID-19 Relief and Recovery Efforts
Lam launches fund to provide financial relief to employees and communities
FREMONT, Calif., April 08, 2020 (GLOBE NEWSWIRE) — Lam Research Corp. (Nasdaq: LRCX) today announced that it is committing $25 million for global COVID-19 relief and recovery efforts. The funds will be for short-term community assistance, including supplies to hospitals, longer-term recovery for communities, and relief funds to employees. Additionally, the company has instituted a 2-for-1 matching gift campaign for employee monetary donations to eligible COVID-19 relief programs.
“Every community around the world has been impacted by the spread of COVID-19. The magnitude of these impacts has challenged every aspect of our lives – health care, school systems, and economies of every size. Supporting our employees and our communities is a core part of who Lam is as a company,” said Tim Archer, president and CEO of Lam Research.
The funds are being distributed to communities in which Lam has a presence and will be directed to that community’s specific needs, such as food security, shelter resources, and education as well as personal protective equipment for local hospitals.
As part of Lam’s support to employees and their families during this global pandemic, the company has implemented pay continuity and emergency fund programs. Additionally, Lam is giving each employee around the world below the director level a support payment of $1,000 or the globally scaled equivalent amount for those outside of the United States. The goal of the payment is to empower employees to use this relief funding where they believe it will have the greatest impact. This initiative will reach over 90% of Lam’s approximately 10,700 employees.
Archer continued: “Every day, our employees around the world bring energy and commitment to their work, consistently embody our Core Values, and exemplify the very best of Lam’s culture. Without our employees, we wouldn’t be who we are today. Throughout this crisis, our employees have responded with genuine care for each other, our communities, and our customers. This is our way of providing our valued employees some financial relief to meet their own needs or the needs of those around them.”