Monday, June 24, 2013
The Kalamazoo Community Foundation in Michigan will collect $23 million out of a $44 million trust fund set up by Dr. William E. Upjohn, the founder of The Upjohn Company.
Dr. Upjohn set up the fund to reward at least two deserving employees a year as long as his company was in existence. After Upjohn eventually became Pfizer through a series of complex mergers, the Kalamazoo Community Foundation claimed the company no longer existed, which would make the Foundation the rightful beneficiary.
The Foundation settled with Upjohn Company’s subsidiary, Pharmacia & Upjohn Co. LLC, whereby half of the trust will go to the Foundation while the other half continues to reward employees. The endowment will supposedly generate $810,000 annually to assist the needs of the Kalamazoo community.
See Al Jones, $23 Million Gift is Collected by the Kalamazoo Community Foundation as Court Settles History-Laden Upjohn Prize Case, MLive.com, June 21, 2013.