Valdese, N.C.-based Valdese Weavers Inc. has established an Employee Stock Ownership Plan (ESOP) and is now a 100-percent employee-owned company.
“One hundred years after our company was founded, and 80 years after Harley F. Shuford and his family acquired the company out of receivership during the Great Depression,
Valdese Weavers is now a 100-percent employee-owned company,” said Michael Shelton, president & CEO. “This change from a minority ESOP to a 100 percent ESOP creates a platform for ownership that will propel Valdese Weavers into the future. It is truly a wonderful opportunity for all of our associates who come here to work every day, and through their efforts have made our company the special place that it has become.”
“There are many options for charting the future of a privately owned, closely held company like ours,” said Snyder Garrison, a grandson of Harley Shuford. “The 100 percent ESOP achieves our family’s objectives for Valdese Weavers to remain an independent, privately owned company with a strong commitment to our local community. In keeping with our values, the ESOP is a great way to recognize the dedication from each of our associates toward achieving a successful, lasting legacy. Employee-owners know that their efforts can help them gain a benefit for their families that is greater than wages alone.”