Cleveland Clinic has received a $261 million gift — the largest in its history — from the Lord Foundation of Ohio, according to a news release.

The distribution was made possible by the sale of privately held manufacturing company LORD Corp., which was founded in Erie, Pa., and is now based in Cary, N.C. It grew to sales of more than $1 billion in 2018 and was just purchased by Parker Hannifin Corp. (NYSE:PH) for $3.675 billion, triggering the distribution of the proceeds to four institutions, including the Clinic.

Also receiving distributions gifts of similar amounts are Duke University, the Massachusetts Institute of Technology and the University of Southern California. Each are receiving about $261 million as beneficiaries of gifts of stock from the late Thomas Lord, who led the family-owned company until his death in 1989, according to the release.

"Cleveland Clinic was founded on the ideal that innovation, research and teaching are integral components of patient care," said Dr. Tom Mihaljevic, CEO and president of the Clinic, in a prepared statement. "Mr. Lord's generous gifts allow us to continue tackling today's most complex medical challenges, discovering the next breakthroughs and improving lives worldwide."

Lord's estate plan included creation of the Jura Corp., a holding company, and the establishment of four foundations, including the Lord Foundation of Ohio, which was an indirect owner of LORD Corp. thanks to a generous gift from Thomas Lord in 1989, according to the release. The foundation has received $261 million in connection with this transaction.

"When developing his estate plan, Tom Lord identified research institutions that shared his vision of continuous learning and innovation," said Lt. Gen. Frederick McCorkle, USMC (Ret.), chairman of the Jura Corp. board of directors, in a prepared statement.

The gift supports the Clinic's ongoing centennial campaign, The Power of Every One, which has set a goal of $2 billion — the most ambitious philanthropic effort in the system's history, according to the release. Collectively, the donations support the system's physician-scientists in their ability to more quickly translate their discoveries into new therapies for patients here and around the world.

The donations also support the Lerner College of Medicine's integration of basic science, research and clinical medicine to train not just physicians but physician-scientists, according to the release. Cleveland Clinic's Lerner Research Institute is one of the largest research institutes in the nation, with nearly $300 million in research funding last year and more than 1,500 researchers and support personnel.

"Cleveland Clinic cares for patients by discovering tomorrow's treatments and educating future caregivers," said Dr. James Young, the Clinic's chief academic officer, in a prepared statement. "We are extremely grateful for the Lord Foundation of Ohio's generosity and deep commitment through the years, based on a shared belief that innovation and ingenuity can solve the world's biggest problems."

Young called the money a "transformational gift" that will dramatically help the Clinic provide care to its patients with a focus on advancing education and research.

"We try to be outstanding stewards of any of our philanthropic gifts and stewardship is incredibly important," he said. "If we exercise our wise stewardship from a philanthropic standpoint, I would say this gift is going to help the Cleveland Clinic enterprise out in perpetuity."

Previously, the largest dollar amount the Clinic had received in gifts was $100 million, having received several such donations in the past. The Clinic and the other institutions will each determine the use of the funds on their respective campuses.