SANTA CLARA, Calif.,
April 2, 2020 /PRNewswire/
-- Marvell (Nasdaq: MRVL) today announced multiple efforts to
support those impacted by the COVID-19 pandemic, including the
creation of a $1.5 million Community
Relief Fund to support local programs in the communities where the
company has a significant presence. As a part of this allocation,
Marvell will support a special match opportunity for its employees,
encouraging them to give what they can to help their local
communities. In addition to the fund, Marvell has pledged to donate
the entirety of its cafeteria grocery budget from its Santa Clara, California headquarters, a sum of
approximately $250,000 per month, to
the Second Harvest Food Bank of Silicon Valley. Marvell is also
accelerating payments to small vendors, many of which are
struggling with cash flow.
"We are experiencing a crisis of extraordinary magnitude and
global impact, and the toll it is inflicting upon the communities
we all hold dear is immeasurable and yet to be truly understood,"
said Matt Murphy, CEO of Marvell.
"In times like this, it is incumbent upon all of us to show
leadership and support those being disproportionately affected.
Marvell is committed to helping the communities we call home."
$1.5 million Community Relief
Fund: While the COVID-19 crisis is affecting everyone,
low-income and hourly-wage workers are finding it harder to earn
income as events are cancelled, workplaces are closed, classes are
suspended, consumers and companies curtail discretionary spending,
and more people are forced home to take care of themselves and
their loved ones.
In Santa Clara county, home to
Marvell's largest site, the company will make an initial donation
of $250,000 from the relief fund to
Destination: Home through the Silicon Valley Strong Fund in
conjunction the Silicon Valley Community Foundation. As a part of
the Santa Clara County Homelessness Prevention System, Destination:
Home is providing temporary financial assistance to low income
residents who have lost income as a result of COVID-19. These funds
will cover rent and other basic needs to help our most vulnerable
residents in this crisis.
Beyond Silicon Valley, Marvell is identifying similar
foundations near its other major offices in the United States, Europe, and Asia, and will allocate funds according to
need and employee presence. Beneficiaries will include food banks,
homelessness prevention systems, and financial support foundations
targeting those impacted by the pandemic. Allocations from the fund
will be used to match up to 100% of employee donations to these
selected foundations, up to $2,500,
providing the opportunity for employees to support those most
impacted in their own communities.
Second Harvest Food Bank of Silicon Valley: In addition
to the Community Relief Fund, and as long as its Santa Clara cafeteria is closed, Marvell will
donate to Second Harvest of Silicon Valley the $250,000 per month it typically spent for
groceries to feed almost 2,000 local employees who are now working
from home. Second Harvest is one of the nation's largest food banks
and is focused on ensuring everyone in the community who needs a
healthy meal can get one. In the face of the current crisis, Second
Harvest has already seen a five-fold increase in call volume as
community members are furloughed, losing hourly wages and forced to
deplete savings while still providing for their family. At the same
time, their operations are seeing increased costs as they now
pre-box food in warehouses to reduce touching, and their volunteer
force has been impacted as seniors and those with health conditions
are asked to stay home.
"As long as our Santa Clara
campus remains on minimum basic operations with employees working
from home, we wanted to come up with an impactful way keep money
flowing in to the local economy while supporting those who need it
most right now," Murphy said. "Continuing to pay our cafeteria
workers and support staff a full wage while donating the grocery
budget to the local food bank just felt like the right thing to
do."
To learn more, visit:
https://www.shfb.org/give-help/other-ways-to-help/corporate-sponsorship/.
About Marvell
Marvell first revolutionized
the digital storage industry by moving information at speeds never
thought possible. Today, that same breakthrough innovation remains
at the heart of the company's storage, processing, networking,
security and connectivity solutions. With leading intellectual
property and deep system-level
knowledge, Marvell's infrastructure semiconductor
solutions continue to transform the enterprise, cloud, automotive,
industrial, and consumer markets. To learn more,
visit: https://www.marvell.com/
Marvell and M logo are registered trademarks of Marvell and/or
its affiliates in the US and/or elsewhere. Other names and brands
may be claimed as the property of others.
For further information, contact:
Stacey Keegan
Senior Director, Global Communications
pr@marvell.com
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SOURCE Marvell