Cypress Named to Business Ethics Magazine's "100 Best Corporate Citizens" | Cypress Semiconductor
Cypress Named to Business Ethics Magazine's "100 Best Corporate Citizens"
SAN JOSE, Calif., April 7, 2005 - Cypress Semiconductor Corp. (NYSE: CY), today announced it was recognized by Business Ethics Magazine as one of "100 Best Corporate Citizens" for 2005. Cypress ranked 38th among the nation's 100 elite companies for its achievement in serving the needs of its stakeholders.
"What distinguishes the 100 Best Corporate Citizens from their peers is a commitment to higher standards," said Marjorie Kelly, editor of Business Ethics Magazine. "This list represents the top 10 percent of Russell 1000 firms when it comes to corporate social responsibility - those that perform to a higher standard in serving a variety of stakeholders with excellence and integrity."
The 100 Best Corporate Citizens survey is based on a database maintained by KLD Research & Analytics, a Boston-based social research firm. All companies listed on the Russell 1000 Index - the 1,000 largest publicly-traded companies in the United States - are considered for the survey. Rankings are based on quantitative measures of corporate service to key stakeholders including customers, shareholders, the community and environment groups. The KLD data is then analyzed by researchers at Boston College, and companies receive rankings in eight different categories: total return to stockholders, contributions to the community, governance, diversity, employee satisfaction, environmental responsibility, human rights and product quality. Each company then receives an overall score based on their scores in the eight different issue areas.
"Cypress's commitment to financial and operational excellence, embedded in our core values, has enabled us to deliver value over time to our investors and other groups," said T.J. Rodgers, Cypress president and CEO. "But it is our commitment to people - particularly to our employees and our customers - that truly distinguishes Cypress and has consistently enabled it to gain recognition from the business community."
Cypress and its founder T.J. Rodgers, have been hailed for an exemplary track record of corporate citizenship since the company was established in 1984. The management team at Cypress has received numerous awards for excellence in financial management including an Encore Award from Stanford University Business School; three Bronze Awards and two Silver Awards from the Wall Street Transcript; and a Kachina Award from the market-research company In-Stat Inc.
In service to the community, Cypress has funded the development of a mobile maternal care clinic and established a spinal unit at Santa Clara Valley Medical Center. The company has also won the Santa Clara Valley's Second Harvest Food Bank Corporate Food Bowl Challenge for 13 consecutive years. In 2004, Cypress donated 835,286 pounds of food, or 834 pounds per employee.
Cypress also continues to aggressively implement operational and manufacturing strategies that are good for both the environment and Cypress stakeholders. Its subsidiary SunPower, designs and manufactures the world's most efficient solar power cells, making cost-effective residential solar power possible. At Cypress's San Jose, Calif., campus, a two-year initiative is underway to reduce power consumption - a project that has already reduced electrical consumption by 55 percent and natural gas consumption by 85 percent at one of the campus' five buildings. Photovoltaic arrays are installed on two of the five buildings, generating a combined peak of 260 kW of AC power. The company also plans to offer lead-free packaging for all of its parts this year. To date, Cypress has shipped more than 50 million lead-free devices.
Cypress solutions are at the heart of any system that is built to perform: consumer, computation, data communications, automotive, industrial, and solar power. Leveraging a strong commitment to customer service and performance-based process and manufacturing expertise, Cypress's product portfolio includes a broad selection of wired and wireless USB devices, CMOS image sensors, timing solutions, network search engines, specialty memories, high-bandwidth synchronous and micropower memory products, optical solutions, and reconfigurable mixed-signal arrays. Cypress stock is traded on the New York Stock Exchange under the ticker symbol CY. More information about the company is available online at www.cypress.com.
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