BEIJING (April 26, 2020) – Marvell (NASDAQ: MRVL) today announced a number of measures to support those impacted by the novel coronavirus (COVID-19) outbreak, including the establishment of a $1.5 million community relief fund , to support Marvell’s community projects around the world. As part of the fund, Marvell will provide employees with a special matching donation opportunity to encourage employees to do their part to help the local community.
In addition to the fund, Marvell has pledged to donate all of its employee restaurant grocery budget at its Santa Clara County, California, U.S. headquarters, totaling about $250,000 per month, to the Silicon Valley-based Second Harvest Food Bank. Marvell will also expedite payments to smaller suppliers, helping them ease cash flow disruptions.
Matt Murphy, CEO of Marvell, said, “We are going through a critical, global crisis that has taken an immeasurable amount of toll on our cherished communities. We all have a responsibility at a time like this. Show leadership and support those whose lives have been disproportionately impacted. Marvell’s focus is on helping the communities we call home.”
$1.5M Community Relief Fund: The impact of the COVID-19 outbreak touches everyone, but the hardest hit is low-income people, and temporary workers, who have been affected by event cancellations, workplace closures, school closures, consumers and companies Cuts to discretionary spending make it difficult to make ends meet. And more and more people are forced to stay at home to help themselves and care for their loved ones.
In Santa Clara County, home to Marvell’s largest office park in the world, the company took a portion of its relief fund and made the first donations to Destination through the Silicon Valley Strong Fund and the Silicon Valley Community Foundation: Home Project donated $250,000. As part of the Santa Clara County Homelessness Prevention System, Destination: Home is providing temporary financial assistance to low-income residents who have lost income due to the COVID-19 pandemic. The funds will be used to pay their rent and meet other basic needs to help the most vulnerable residents during this crisis.
In addition to Silicon Valley, Marvell is looking for similar foundations near other major offices in the U.S., Europe and Asia, and will allocate funds based on need and employee availability. Beneficiaries will receive assistance from food banks, homelessness prevention systems and financial support foundations for those affected by the outbreak. Grants from this fund match 100% of employee contributions to a specific foundation (up to a maximum of $2,500), giving employees the opportunity to support the most impacted populations in their respective communities.
Second Harvest Food Bank in Silicon Valley: In addition to the Community Relief Fund, as nearly 2,000 Marvell employees are now working from home, Marvell will donate monthly employee food to the Second Harvest Food Bank while the Santa Clara employee restaurant is closed $250,000 for groceries. The food bank is one of the largest relief agencies in the nation and works to ensure healthy meals for every member of the local community. Now, Second Harvest Food Bank has seen a five-fold increase in phone inquiries as members of the local community are temporarily laid off, lost hourly jobs, are forced to drain their savings, and face a feeding crisis. Today, to reduce exposure, its warehouses pre-package food, resulting in significantly increased operating costs. In addition, their volunteer ranks have also been affected as the elderly and people with pre-existing health conditions are required to stay at home.
Matt Murphy, CEO of Marvell, said, “As long as employees are working from home, the Santa Clara campus will maintain minimal basic operations. We hope that through strong means, funds can be used to support the local economy, especially now the most Those in need. In the meantime, we will continue to pay full wages to cafeteria staff and support staff, and donate grocery budgets to local almshouses to do our part in the community where we can.”
For more information, please visit: https://www.shfb.org/give-help/other-ways-to-help/corporate-sponsorship/.
Marvell pioneered the transfer of information faster than imagined, revolutionizing the digital storage industry. Today, breakthrough innovation remains at the heart of Marvell’s storage, processor, networking, security and connectivity solutions. With leading intellectual property and deep systems-level knowledge, Marvell infrastructure semiconductor solutions continue to transform the enterprise, cloud, automotive, industrial and consumer markets. For more information, please visit: https://cn.marvell.com/