Shanghai, China, March 27, 2020 – Micron Technology Inc. (Micron Technology, Inc., NASDAQ: MU), a leading provider of memory and storage solutions, today announced that it plans to invest $35 million in Financial assistance for a variety of people affected by the novel coronavirus (COVID-19). Micron will launch a new $10 million relief fund from the Micron Foundation, while increasing employee matching and providing financial support to team members in the form of grants. In addition to the cash contributions, Micron will accelerate payments to small business suppliers and provide facilities and supplies for emergency medical care.
“The health and safety of all of our colleagues and partners at Micron, as well as the well-being of the communities in which we operate, has become our top priority,” said Sanjay Mehrotra, President and CEO of Micron Technology. , we are accelerating action to provide timely funding, supplies and other support to those severely affected by the outbreak.”
The Micron Foundation’s $10 million COVID-19 Relief Fund will be used for global economic recovery initiatives to address current and future community needs. The funding will support a range of charitable initiatives and programs, including food banks, school meal programs, student health facilities and online learning resources.
In addition, Micron will double the size of donations by matching donations 2 to 1 for all donations to the Micron Gives charitable program to aid the COVID-19 pandemic. Micron is planning to provide additional resources to the community, including providing 300,000 protective masks for local health agency workers and borrowing company premises to ease overcrowding in hospitals.
Dee Mooney, Executive Director of the Micron Foundation, said: “The role of the Micron Foundation and the Micron Gives program is even more critical at a time when the impact of the novel coronavirus on public health, economic development and every aspect of daily life is extremely unpredictable. We have launched global community partners. Network to ensure that donated materials arrive quickly and make the best use of them.”
Micron will also provide employees with a one-time COVID-19 grant: a $1,000 grant to all U.S. employees earning less than $100,000 a year, and an appropriate proportion of the grant to eligible Micron employees in other countries. This move will benefit more than 68 percent of Micron employees worldwide. In addition, Micron will provide financial assistance to employees facing financial hardship, up to $5,000 per employee based on actual need.
April Arnzen, Senior Vice President of Human Resources at Micron Technology, said: “We are closely following the difficulties this pandemic has caused all of Micron’s colleagues. Employees are critical to the company’s development, and Micron’s COVID-19 grant is expected to ease their financial pressure. “
Micron is also accelerating payments to its more than 500 small business suppliers to ease short-term cash flow difficulties these businesses face around the world.
Micron has launched community donations and employee matching campaigns in China, Italy and the U.S. to help fight the COVID-19 pandemic.