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Prudential Financial Inc : The Prudential Foundation awards $1 million to The Community FoodBank of New Jersey

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05/16/2012 | 04:05pm CET

The Prudential Foundation has made a $1 million three-year grant to support The Community FoodBank of New Jersey's capital campaign, to renovate and expand its existing facilities and update its fleets and warehouse assets at its main location in Hillside and its southern branch in Egg Harbor Township, New Jersey.

"With the U.S. and world economics in crisis, more unemployed workers, working families and seniors are living at the margins of poverty and are turning up in greater numbers to their local food pantry or soup kitchen when they run low on money to buy food," said Sharon C. Taylor, senior vice president and head of Corporate Human Resources at Prudential and chair of The Prudential Foundation. "The Prudential Foundation is proud to be able to support The Community FoodBank achieve its goal of helping people with limited incomes meet their basic needs."

The FoodBank is a central food distribution center for other nonprofits in New Jersey that serve individuals, soup kitchens, food pantries and shelter. In addition to food distribution, the FoodBank operates programs such as the Community Kitchen, the Food Services Academy, the Kids Division and an on-site Thrift Shop.

"Since the economic crisis began in 2008, the FoodBank has increased its distribution by 60 percent," said Kathleen DiChiara, president and CEO of the FoodBank. "Last year we helped 1,500 partner organizations distribute more than 38 million pounds of food in 18 New Jersey counties helping to feed 900,000 people."

To help meet this rising demand, the FoodBank has launched a capital campaign to raise $15 million for infrastructure enhancements, improvements to its truck fleet, warehouse equipment and information technology, program expansion and to increase the organization's long-term sustainability.

"We are delighted to receive the $1 million Prudential Foundation grant to help us achieve our capital campaign goals," said DiChiara. Funds raised in the capital campaign will help The FoodBank continue its many programs and services: a Mobile Pantry Program that distributes food in neighborhoods; the Kids Cafe afterschool feeding program for children; Food Service Training Academy, a job-training program that gives people skills they need to step out of poverty; and the Supermarket Gleaning Program, a source of donated nutritious food. In addition, two new programs will be created - the Fresh Produce Initiative, which is expected to yield at least 300,000 pounds of fresh-grown produce for distribution by the FoodBank this year; and a Meat Cutters Training Program.

The Community FoodBank of New Jersey is a member of Feeding America, the nation's largest network of food banks, as well as a member of the New Jersey Federation of Food Banks. The mission of the Food Bank is to fight hunger and poverty by assisting those in need and seeking long term solutions..

The Prudential Foundation is a not-for-profit corporation supported by The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. The Prudential Foundation focuses its grant making strategy in the areas of education, economic development and arts and civic infrastructure; and it supports community engagement efforts of Prudential employees through Matching Gifts and other programs that recognize their volunteer work.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $943 billion of assets under management as of March 31, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/

Prudential Financial, Inc.
Karen Oliver Moore, 973-802-8533
[email protected]
mobile: 201-314-0252

© Business Wire 2012
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Sales 2018 53 828 M
EBIT 2018 7 147 M
Net income 2018 5 240 M
Debt 2018 -
Yield 2018 3,24%
P/E ratio 2018 9,10
P/E ratio 2019 8,66
Capi. / Sales 2018 0,85x
Capi. / Sales 2019 0,82x
Capitalization 45 783 M
Duration : Period :
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Technical analysis trends PRUDENTIAL FINANCIAL
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Average target price 130 $
Spread / Average Target 20%
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John Robert Strangfeld Chairman, President & Chief Executive Officer
Stephen P. Pelletier Chief Operating Officer-US Business & Executive VP
Charlie F. Lowrey Chief Operating Officer-International & EVP
Robert Michael Falzon Chief Financial Officer & Executive Vice President
Barbara G. Koster Chief Information Officer & Senior Vice President
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