$50 Million foundation by Broadcom to support math and science education

Broadcom has established $50 million foundation to support math and science programs and community services. Every year starting 2010, the company intends to grant an amount of exceeding $2 million. Majority of this fund goes towards math and science education programs and the remaining towards community services. Around100 communities where Broadcom employees live and work are expected to benefit from this grant.

"The establishment of the Broadcom Foundation marks an important milestone in the company's growth, as we recognize that business leadership in the global semiconductor industry carries with it a responsibility to also take a leadership role in supporting local institutions that play meaningful roles in the communities where our employees live, work and play," said Broadcom President and CEO Scott McGregor.

"Many institutions around the world are facing challenges because of current economic conditions, and Broadcom is in a strong financial position to step up and support organizations that make a difference to our employees and their communities," McGregor said.