Yum! Brands Donates RMB 16.5 Million (U.S. $2.3 Million) to China Earthquake Relief Efforts
May 23, 2008 // Franchising.com // LOUISVILLE, KY - Yum! Brands, Inc. (NYSE:YUM) announced today that the Yum! Brands Foundation and Yum! China Division have donated RMB 16.5 million (U.S. $2.3 million) for disaster relief in China following the country's worst earthquake in the past 30 years. The company is also working directly with local officials to provide assistance, including volunteer efforts, food, clothing and other emergency needs.
Funds were distributed to the China Poverty Alleviation Foundation via Mercy Corps, the China Charity Federation and China Red Cross to assist employees, customers, families and residents in the affected areas. The donations help emergency workers respond quickly to needs by providing critical supplies such as food, water, medical care and shelter. Funds will also help long-term recovery and reconstruction including counseling and youth education.
"Our hearts go out to all those affected by this devastating tragedy and we are working around the clock in China to help the community during this difficult time," said David C. Novak, Chairman and CEO, Yum! Brands, Inc. There fortunately are no casualties reported among employees of the company's 2,640 KFC and Pizza Hut restaurants in mainland China. A limited number of restaurants have been damaged, including several that remain closed or with limited service. The Company plans to reopen them as soon as it is safe to do so.
Yum! Brands, Inc. (NYSE:YUM)
Yum! Brands, Inc., based in Louisville, Kentucky, is the world's largest restaurant company in terms of system restaurants, with more than 35,000 restaurants in over 100 countries and territories. The company is ranked #253 on the Fortune 500 List, with revenues in excess of $10 billion in 2007. Four of the company's restaurant brands – KFC, Pizza Hut, Taco Bell and Long John Silver's – are the global leaders of the chicken, pizza, Mexican-style food and quick-service seafood categories, respectively. Outside the United States, the Yum! Brands system opened about four new restaurants each day of the year, making it the largest retail developer in the world. The company has consistently been recognized for its reward and recognition culture, diversity leadership, community giving, and consistent shareholder returns. Since its spin-off as a publicly traded company in 1997, its stock has quintupled. Last year, the company launched the world's largest private sector hunger relief effort, in partnership with the United Nations World Food Programme and other hunger relief agencies. This effort helped save over 1.6 million people from starvation in remote corners of the world, where hunger is most prevalent.
Yum! China Division
The China Division operates across 450 cities in mainland China, with more than 2,200 KFC quick service restaurants, more than 360 Pizza Hut casual dining restaurants, and nearly 60 Pizza Hut Home Service units. It also has created and is testing East Dawning, a quick service restaurant concept serving Chinese food. KFC in mainland China has a lead of more than 1,200 units versus its nearest competitor in China, out developing them by 3 to 1. The China Division also includes KFC in Taiwan and KFC and Pizza Hut in Thailand.