Philanthropy: Opening Up to Charity

As government budgets shrink, European companies are starting to fill the void

To celebrate the 100th anniversary of the Bavarian machinery company his grandfather set up in 1901, Richard Scheubeck and the firm's other family owners decided to create a charitable foundation. They put in $1.1 million, and Scheubeck encouraged the company's suppliers and business partners to make donations. With more than $1.4 million now in its coffers, the Scheubeck-Jansen Foundation has enough to fund its initial project: the first professorship in sensor technology at nearby Regensburg University of Applied Sciences. "We wanted to do something for the region, to set a cornerstone for a new industry cluster," says Scheubeck, 54, who chairs...

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