November 11, 2003
Soybean Board and Purdue commit to value-added research
The Indiana Soybean Board Professor in Soybean Utilization Research will help create value-added products from soybeans through the Department of Agricultural and Biological Engineering. In an announcement made today (Tuesday, 11/11), the Soybean Board committed $1.5 million for the endowment, to be paid in installments over the next 10 years. Purdue will match the gift to establish an additional faculty position dedicated to soybean research.
"Our mission is clear find new ways to make soybean producers more profitable," said Matt Langdon research committee chairman of the Indiana Soybean Board. "Bottom line, we are investing in the future of our industry by supporting a research position that will increase the demand for soybeans."
Purdue President Martin C. Jischke said, "The Indiana Soybean Board is showing true vision. They are taking control of their destiny and ensuring that the interests of their industry will be met now and in the future. This is an excellent example of how business interests partnered with an academic institution provide unique opportunities to expand our knowledge and create new economic endeavors that benefit the state."
Victor Lechtenberg, dean of Purdue's School of Agriculture, said the faculty in those positions also will be leaders.
"This opportunity will provide soybean producers with a continual source for research that directly benefits them, and these faculty positions also will provide leadership in academics and outreach related to soybean uses," Lechtenberg said. "The timing of the ISB gift also is such that we can give them a two-for-one benefit."
The second faculty position will be funded through the Bindley Chair Challenge.
William Bindley, chairman and CEO of Bindley Capital Partners LLC, a private equity firm located in Indianapolis and Naples, Fla., gave $52 million to the university last year. Included in the gift was $22.5 million for the Bindley Chair Challenge, which provides matching funds for 15 endowed chairs at $1.5 million each across the university.
The Indiana Soybean Board supports programs for soybean promotion, research, consumer, producer and industry information, and market development activities. The board has helped develop and promote such products as soybean crayons, soybean candles, biodiesel fuel and a soy gelatin.
Many of the new developments are a direct result of the Indiana Soybean Board's Soybean Utilization Contest in which Purdue students create soy-based products. Winners of the contest receive cash prizes and assistance in developing the product for market.
The Soybean Board gift is part of the seven-year Campaign for Purdue, which began in 2000 and has raised $800 million of its $1.3 billion goal. Campaign fund raising supports the objectives of Purdue's strategic plan, which include efforts to increase funds for student scholarships, faculty recruitment and retention, programs and centers, and facilities and equipment.
Writer: Beth Forbes, (765) 494-2722, firstname.lastname@example.org
Sources: Victor Lechtenberg, (765) 494-8392, email@example.com
Matt Langdon, (765) 348-2046
Martin C. Jischke, (765) 494-9708