MEMPHIS, Tenn. (AP) — The Plough Foundation says it will grant its remaining assets to local nonprofits as the Memphis-based charity works to close down operations.
The foundation said in a news release that it has decided to cease operating within the next four years after decades of charitable donations.
The charity was established in 1960 by Abe Plough. He was the founder of Plough Inc., a health care product company. The company merged with Schering Corp. in 1971, and later merged with Merck in 2009.
Plough died in 1984. But the foundation’s charitable work has continued, with more than $300 million in donations in the areas of health care, arts, public education, crime prevention, conservation and civic improvement.
Plough also has donated funds to Jewish organizations, the aging population and the homeless.