As US turns 250 this July 4, a family sold their electrical company for $1.7 billion and made 540 workers 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. Former 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.
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. Former 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.
