PND (10/24/2000) --

The proposed merger of oil giants Chevron and Texaco could mean less funding for New York cultural causes and for a range of nonprofits worldwide, the New York Post reports. According to the Post, the companies plan to slash $1 billion in costs as part of the merger, and charitable contributions could be cut in the effort. While Chevron does much of its funding in California and Texaco focuses on the East Coast, charities in more than 100 countries around the world rely on the two companies for contributions to a range of causes. A spokesman for Chevron said that community involvement would remain a "high priority" for the merged company.

In Minnesota, charitable leaders are expressing concern over the merger of Honeywell International and General Electric Co. As part of the deal with GE, Honeywell chairman and chief executive officer Michael Bonsignore will become a member of the GE board of directors. The Minneapolis-St. Paul Star Tribune reports that many nonprofit leaders in the state link the company's strong support for local charitable causes to the involvement of Bonsignore and are concerned by his re-assignment. For the time being, Honeywell executives have said that the company will match in 2000 the amount it contributed to state organizations in 1999, roughly $7.1. million.

Tharp, Paul. "Charities May Lose Key Source of Funds." New York Post 10/17/2000.

"GE Acquisition of Honeywell Leaves Minnesota Jobs, Charitable Contributions Uncertain." Minneapolis-St. Paul Star Tribune 10/23/2000.

FC003733