Funding matches state’s contribution to allow 2014 project to go forward
AUSTIN, Minn. – Tuesday, July 2, 2013 – The Hormel Foundation announced at its June meeting the commitment of $13.5 million, matching funding provided by the State of Minnesota for the $27 million expansion of The Hormel Institute. An additional $9.5 million was awarded by the foundation to be used for recruitment of top scientists, equipping the labs with state of the art equipment and creating a work environment for cancer research.
The expansion of the Institute, which is set to break ground in 2014, is scheduled to be completed in 2015 and will double the size of the state-of-the-art medical facility. As many as 20 new laboratories will be added as well as needed space for the Institute’s growing International Center of Research Technology (ICRT). Eventually it could add up to 100 new jobs to the community of Austin.
“This is the kind of investment that Jay Hormel envisioned when he created the Foundation,” said Gary Ray, The Hormel Foundation Chair. “The Institute is engaged in world-class, cutting-edge research into cancer prevention and treatment that benefits all of us. And, because that work is being done right here in Austin, the Institute helps energize our local and state economies, enhances our reputation as an attractive, diverse destination and brings some of the world’s leading health researchers to our community.”
|Who: The Hormel Foundation, a nonprofit, charitable organization.What: Approved providing $23 million toward The Hormel Institute’s next major expansion, matching the $13.5 million contribution being provided by the State of Minnesota as well as an additional $9.5 for scientists and lab equipment.Where: Austin, Minn.
When: The Hormel Foundation’s Board of Directors approved the funding in June.
Why: The Hormel Foundation wants to support The Hormel Institute’s continued growth and success in medical research focused on discoveries leading to the prevention and control of cancer.
John Gray Jr. 507-437-9800
The Hormel Foundation
In 2012 the Minnesota legislature approved a bonding bill that included $13.5 million for expanding The Hormel Institute, which is part of the University of Minnesota. Ray noted that a fundraising campaign will be launched in the fall of 2013 to raise an additional $3 million to support the research focused on discoveries leading to cancer prevention and control. This past month The Hormel Institute’s research was featured on the cover of Cancer Research, the top cancer journal in the United States.
“The values and generosity of The Hormel Foundation have been essential in making our accomplishments possible,” said Dr. Zigang Dong, The Hormel Institute’s Executive Director. “Our cancer research holds tremendous potential to improve cancer prevention and control protocols; that research can move forward – and now grow – because of the Foundation’s important and critical support. We’re extremely grateful to the entire Hormel Foundation board for their vision and foresight that strengthens our community and benefits all of us through their investment in medical research.”
The Hormel Foundation contributed $16.7 million toward The Hormel Institute’s 2006-2008 major expansion and renovation project. The $24.3 million project added 20 state-of-the-art research labs and allowed for the Institute to create its ICRT to acquire and house today’s cutting-edge, cancer-fighting tools, including two IBM supercomputers, a protein crystallography lab, a mass spectrometer and 3-D technology.
This summer, The Hormel Institute plans to hire new department section leaders and scientists to fill the remaining research space provided by the last expansion. Currently, The Hormel Institute has 12 research sections – more than double the number when the last expansion project broke ground in 2006.
ABOUT THE HORMEL FOUNDATION
Established by Hormel Foods Corp.’s founder George A. Hormel and his son, Jay C. Hormel, one of The Hormel Foundation’s purposes is to serve as a charitable organization to benefit the Austin community. Its first contribution in 1941 was for $10 and its annual contributions to the community have grown steadily and significantly over the years.
Currently, The Hormel Foundation ranks sixth in annual giving among Minnesota’s largest community/public foundations and public charity grant makers, with those in the lead located in the Twin Cities, according to the Minnesota Council on Foundations. The Hormel Foundation’s annual giving is significantly higher than contributions made by foundations in some of Minnesota’s largest cities.
ABOUT THE HORMEL INSTITUTE
The Hormel Institute is a world-renowned cancer research center and was established by Jay C. Hormel in a 1942 agreement between the Board of Regents of the University of Minnesota and The Hormel Foundation. Now in its 71ST year, The Hormel Institute conducts world-renowned cancer research and is considered a world leader in identifying cancer preventive agents found in foods.
The Hormel foundation
329 North Main Street, SUITE 102L Austin, MN 55912 507-437-9800