THOMASVILLE, N.C. — Whitewood Industries, a manufacturer and distributor of case goods, home furniture, and contract furnishings, has sold its privately-owned company to its employees through an Employee Stock Ownership Plan (ESOP).
Founded in 1982, the company was originally a supplier to ready-to-finish furniture stores. Over three decades, it has evolved into a distributor of bedroom, occasional, and home furniture - employing 300 employees throughout 578,000 square feet of manufacturing of space. The company owns John Thomas Furniture and International Concepts, a supplier of furniture to specialty retailers.
Whitewood president Jorge Mata told Furniture Today that it wanted employees "to become a financial participant in the success of Whitewood and to help grow the company both in profitability and in efficiency of operations and customer service."
Employees must have been working with the company for at least a year and be 21 years of age to be eligible for the program.
Both Mata and co-founder Ron Feibel will remain with the company in management positions said Furniture Today.
Whitewood has been doing well the past few years - acquiring three facilities since the start of 2016. The company purchased a 78,000 sq. ft. warehouse in Thomasville, a 39,000 sq. ft. building in High Point, and a $2.8 million showroom.
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