The owners of a Ventura County company which is one of the world’s best known outdoor apparel makers are donating the half-century old business to a trust which will use profits to help the environment.
Yvon Chouinard, his wife and two children are giving away their stock in Patagonia, which is valued at around $3 billion. The company will be owned by a collective that will use profits to fight climate change. In a statement on the company’s website, Chouinard said Earth will now be our only shareholder.
It projected that the trust could generate around $100 million a year for environmental programs and efforts. The family will sit on the board of the trust, to help guide spending.
Patagonia and its founder have had a long history of supporting environmental causes. The Ventura based company makes and markets outdoor apparel, outdoor gear, and foods made from sustainable sources.
