KI furniture sells to employees,
becomes one of nation’s largest
KI, a commercial & office furniture, casegoods, and panel
systems manufacturer, has becom fully employee-owned.
As of April 27, the company is owned through an employee stock ownership plan, or ESOP. An ESOP is a trust
fund that owns the company, in which all full-time employees
generally earn shares as part of their compensation.
“This change marks the culmination of my lifelong
dream to transform KI into an independent, privately held,
employee-owned enterprise,” said CEO Dick Resch. “It’s a pivotal moment in our company’s history -- and paves the way for
future generations of KI employees to share in the company’s
growth and success.” Resch, 80, plans to remain as CEO, but
to slowly transition out of the role. Employing over 2,000
workers, the transition makes KI one of the country’s largest
ESOP companies. KI is coming off a record year of sales - rising 13 percent to $650 million in 2017. Resch said employee
ownership will ensure that KI stays in the Green Bay area.
He also hopes that by using an ESOP system, the company’s
production and sales effort will be bolstered. https://bit.
ly/2wMrFhI – R.D.
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