Walker family sells Fibrebond for $1.7 billion, distributes $240 million to 540 employees
By
TOI Tech Desk
Summary
The Walker family sold their Louisiana-based electrical equipment company Fibrebond for $1.7 billion after 43 years of operation. Former CEO Graham Walker insisted that 15% of the sale proceeds go to the company's 540 full-time employees, resulting in a combined $240 million payout averaging about $443,000 per worker. None of the employees owned shares in the company, making the gesture particularly notable. The company was sold to power-management giant Eaton.
Source
bskyWalker family sells Fibrebond for $1.7 billion, distributes $240 million to 540 employeestimesofindia.indiatimes.comKey quotes
· 2 pulledFormer CEO Graham Walker insisted on one clause before signing: 15% of the proceeds had to go to the staff, none of whom owned a single share in the business.
A small-town US family has sold their electrical-equipment company for $1.7 billion and handed their 540 full-time workers a combined $240 million, with the average employee walking away with around $443,000.
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