As US turns 250 this July 4, family sells company for $1.7 bln; 540 workers become millionaires
A Louisiana family sold their 43-year-old electrical-equipment company Fibrebond to power-management giant Eaton for $1.7 billion last year—with one unusual clause built into the deal
A Louisiana family sold their 43-year-old electrical-equipment company Fibrebond to power-management giant Eaton for $1.7 billion last year—with one unusual clause built into the deal. CEO Graham Walker insisted 15% of the proceeds go to his 540 workers, none of whom held any equity. The result: a $240 million payout, averaging $443,000 a head.
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