After running it for 43 years, US family sells electrical company for $1.7 billion, makes 540 workers millionaires
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.
The company is Fibrebond , a Minden, Louisiana-based maker of enclosures for electrical equipment that the Walker family ran for 43 years before selling to power-management giant Eaton earlier last year. Former 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. The Wall Street Journal first reported the story.
The 12-word clause that turned factory workers into millionairesBonuses started landing in June and stretch across a five-year retention window—workers have to stay to collect the full amount. Anyone over 65 was exempt, freeing longtimers to retire on the spot. Asked by the WSJ why he settled on 15% rather than 10 or 20, Walker shrugged it off: "It's more than 10%."
Staffers stared at their letters in disbelief. One asked if hidden cameras were rolling. Another drove off in a golf cart with his fist in the air. "It was surreal, it was like telling people they won the lottery," business-development executive Hector Moreno told the WSJ.
From a 1998 factory fire to riding the AI data centre boom Fibrebond was started in 1982 by Walker's father, Claud, building structures for telephone and electrical gear along train tracks. The factory burned down in 1998. The dot-com crash gutted demand soon after, dragging headcount from around 900 to 320. The Walker family kept paying salaries through the worst stretches, employees told the WSJ, banking long-term loyalty in return.
The company is Fibrebond , a Minden, Louisiana-based maker of enclosures for electrical equipment that the Walker family ran for 43 years before selling to power-management giant Eaton earlier last year. Former 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. The Wall Street Journal first reported the story.
The 12-word clause that turned factory workers into millionairesBonuses started landing in June and stretch across a five-year retention window—workers have to stay to collect the full amount. Anyone over 65 was exempt, freeing longtimers to retire on the spot. Asked by the WSJ why he settled on 15% rather than 10 or 20, Walker shrugged it off: "It's more than 10%."
Staffers stared at their letters in disbelief. One asked if hidden cameras were rolling. Another drove off in a golf cart with his fist in the air. "It was surreal, it was like telling people they won the lottery," business-development executive Hector Moreno told the WSJ.
From a 1998 factory fire to riding the AI data centre boom Fibrebond was started in 1982 by Walker's father, Claud, building structures for telephone and electrical gear along train tracks. The factory burned down in 1998. The dot-com crash gutted demand soon after, dragging headcount from around 900 to 320. The Walker family kept paying salaries through the worst stretches, employees told the WSJ, banking long-term loyalty in return.
Next Story