Litehouse company sold to employees
Article continues below
The move continues the opportunity for all current and future employees to become owners of this industry-leading brand, which has been family owned for over 50 years. Litehouse first formed an ESOP plan in 2006 selling 30 percent of the company as a commitment to their employees and their communities. The move to 100 percent ESOP ensures continued local ownership.
"The move to 100 percent employee ownership allows every employee to be an owner and ensures the future success of Litehouse for generations to come."
Litehouse first formed an ESOP plan in 2006 selling 30 percent of the company as a commitment to their employees.
"We are incredibly proud of our company and want our legacy to be shared with the talented and dedicated employees who have contributed to its growth," said Doug Hawkins, chairman of the board of directors, "The move to 100 percent employee ownership allows every employee to be an owner and ensures the future success of Litehouse for generations to come."
Doug, Edward and Wendell will continue their roles as active board members. In 2010, Jim Frank was named President and CEO of Litehouse and continues to lead the company in double digit sales growth.
"We are excited to have created this opportunity for our employees and we are confident that the ESOP will make us an even stronger company," added Jim Frank.
"The success of the Litehouse brand and the move to a 100 percent employee-owned company is a strong reflection of our founders Guiding Principles: Faith, Stewardship, Integrity, Commitment to Excellence and Accountability. These principles continue to guide us today," said Frank. ■