Cypress Donates $9 Million, 75,000-Square-Foot Building to Second Harvest Food Bank | Cypress Semiconductor
Cypress Donates $9 Million, 75,000-Square-Foot Building to Second Harvest Food Bank
Largest-Ever Single Corporate Donation to Second Harvest Food Bank
Will Help Chip Away at Growing Hunger Crisis
SAN JOSE, Calif., June 20, 2011 – Cypress Semiconductor Corp. (Nasdaq: CY) today announced the donation of a 75,000-square-foot, one-story office building on five acres of land to Second Harvest Food Bank of Santa Clara and San Mateo Counties. Valued at approximately $9 million, the building and land, located at 4001 North First Street in San Jose, is the single-largest corporate gift made to the Food Bank to date.
The announcement comes at a time when Second Harvest Food Bank is facing growing demand for services in Santa Clara and San Mateo counties. Requests for assistance have increased nearly 42% over the past three years, forcing the Food Bank to expand into rented warehouse space. The new facility will nearly double the Food Bank’s overall space and increase its food distribution capacity by at least 50% over the next five years, from 46 million pounds of food to 69 million pounds, translating to 18 million additional meals provided. In addition to enabling fresh produce warehousing and distribution, the building will also become the Food Bank’s new Santa Clara County volunteer services hub. Once in operation this fall, the site will provide the Food Bank with a presence in the heart of Silicon Valley, centrally located between its main facility in San Jose and its San Mateo County operation on Bing Street in San Carlos.
Cypress Semiconductor, based in San Jose, has been the largest per-capita corporate donor to Second Harvest Food Bank in each of the past 20 years. In 2010, the company made a joint $1.1 million donation with former Cypress subsidiary, SunPower Corp., to put solar panels on the roof of the organization’s Curtner Avenue facility. The installation is one of the largest in Santa Clara Valley at 322 kilowatts, and is projected to save the Food Bank enough money in reduced electric bills to provide 6 million additional meals to the community over the 25-year life of the system.
Second Harvest Food Bank CEO Kathy Jackson said she is delighted with Cypress’s large gift. “We are thrilled by Cypress’s generous building donation to Second Harvest. We have been struggling to address physical capacity limitations for some time, and this truly transformative gift will allow us to provide increased amounts of fresh, nutritious produce to members of our community who are experiencing hunger —many for the first time.”
T.J. Rodgers, Cypress’s president and CEO, said, “It is humbling to realize that in such an affluent area as the Silicon Valley there are so many people in need of basic necessities like food and shelter. There is no organization that is more efficient at serving the community than Second Harvest Food Bank. Cypress is once again pleased to support Second Harvest in its effort to stamp out hunger in our community.”
For each of the past five years, Second Harvest Food Bank has received Charity Navigator’s 4-Star rating for efficiency and extraodinary fiscal responsibility, placing it in the top 5 percent of all nonprofit organizations in America.
The Cypress building that is being gifted to Second Harvest was, until recently, the headquarters site of Cypress’s Data Communications and Memory Products Divisions. Cypress moved these employees to other Cypress buildings that were not fully occupied, making the building available for donation to the Food Bank.
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the flagship PSoC® programmable system-on-chip families and derivatives such as PowerPSoC® solutions for high-voltage and LED lighting applications, CapSense® touch sensing and TrueTouch™ solutions for touchscreens. Cypress is the world leader in USB controllers, including the high-performance West Bridge® solution that enhances connectivity and performance in multimedia handsets. Cypress is also a leader in high-performance memories and programmable timing devices. Cypress serves numerous markets including consumer, mobile handsets, computation, data communications, automotive, industrial and military. Cypress trades on the NASDAQ Global Select Market under the ticker symbol CY. Visit Cypress online at www.cypress.com.
About Second Harvest Food Bank
Second Harvest Food Bank of Santa Clara and San Mateo Counties is the trusted leader dedicated to ending hunger in Silicon Valley. Since its inception in 1974, Second Harvest has become one of the largest food banks in the nation, providing food to an average of nearly one quarter of a million people each month. The Food Bank mobilizes individuals, industries and community partners to connect people to the nutritious food they need. Nearly half of what is distributed is fresh produce. Second Harvest also plays a leading role in promoting federal nutrition programs and educating families on how to make healthier food choices to end local hunger. Visit www.SHFB.org to get involved.
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