March 1, 2002
Employees to Buy Ill. Research Institute
The IIT Research Institute at the Illinois Institute of Technology, which does millions of dollars' worth of work for the Department of Defense and other government agencies, will soon be owned by its nearly 1,600 employees.
Selling the Research Institute will bring IIT about $110-million, to be added to the university's endowment, which now stands at $200-million, said Mary Anne Smith, vice president and general counsel. The sale also will allow the Research Institute to be run as a
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