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From Home Furnishing Business
Valdese Weavers Becomes 100% Employee-Owned Company
May 11,
2016 by in Business Strategy, Industry 
Valdese Weavers announced a milestone today – becoming a 100% employee-owned company, through its Employee Stock Ownership Plan (ESOP). Valdese has been a minority ESOP company since 1996 when the ESOP was first established.
Michael Shelton, President & CEO of Valdese Weavers, said “One hundred years after our company was founded, and eighty years after Harley F. Shuford and his family acquired the company out of receivership during the Great Depression, Valdese Weavers is now a 100% employee-owned company.”
Shelton went on to say, “This process began in 1996, when the Shuford family sold a minority interest in our parent company, CV Industries, to our associates through a newly established ESOP. The family’s decision to sell their remaining interest to the ESOP marks the continuation of the commitment of Valdese Weavers and the Shuford family to our associates, our community, and our values.”
Snyder Garrison, a grandson of Harley Shuford said “There are many options for charting the future of a privately owned, closely held company like ours. Employee –owners know that their efforts can help them gain a benefit for the families that is greater than wages alone.”
Valdese Weavers is the leading designer and manufacturer of decorative textils in the U.S. for use in residential and contract markets.