Upjohn Settlement Benefits Kalamazoo Community

The Kalamazoo CommunityFoundation in Michigan will collect $23 million out of a $44 million trust fundset up by Dr. William E. Upjohn, the founder of The Upjohn Company.

Dr. Upjohn set up the fund toreward at least two deserving employees a year as long as his company was inexistence.  After Upjohn eventuallybecame Pfizer through a series of complex mergers, the Kalamazoo CommunityFoundation claimed the company no longer existed, which would make theFoundation the rightful beneficiary.

The Foundation settled withUpjohn Company’s subsidiary, Pharmacia & Upjohn Co. LLC, whereby half ofthe trust will go to the Foundation while the other half continues to reward employees.  The endowment will supposedly generate$810,000 annually to assist the needs of the Kalamazoo community.

See Al Jones, $23 Million Gift is Collected by the Kalamazoo Community Foundation asCourt Settles History-Laden Upjohn Prize Case, MLive.com, June 21, 2013.