Valdese Weavers celebrates successful year at employee-owner meeting

Valdese Weavers celebrates successful year at employee-owner meeting

Valdese Weavers recently celebrated a successful year during its annual employee-owner meeting.

The fabric supplier celebrated an increase in its stock price as determined by the company’s Employee Stock Ownership Plan trustee, who engaged Stout, a global advisory firm, to prepare a valuation of the company’s stock. Stout is an independent firm that specializes in corporate finance, accounting and transaction advisory, and ESOP valuations. In preparing its valuation analysis, Stout used standard valuation methods, including an Income Approach and Market Approach while also considering Valdese Weaver’s debt reduction and profitability for the 2023 fiscal year.

The stock price is at an all-time high since the North Carolina-based textile mill became a 100% employee-owned company in 2016, the company said in a news release. The allocated shares that each eligible employee receives provides them with a piece of ownership in the company.

When the share price increases, it positively impacts each employee’s financial future and the excitement surrounding that was evident at the company’s annual ESOP Reveal Celebration last week, the release said.

“One of the real rewards of being an ESOP company is that all of us benefit when we succeed. Our culture is collaborative, team-oriented and we work together for common goals,” says Blake Millinor, president and chief executive officer.

The turbulent economy and subsequent slowdown in consumer demand for home furnishings encouraged Valdese Weavers to refine its marketing strategy with a more purposeful, sales-driven approach for its brands InsideOut Performance Fabrics and Sustain Performance Fabrics, the company said in the release. The positive reaction and results from the company’s client base allowed Valdese Weavers to maintain profitability and operate a full manufacturing schedule throughout 2023, it added.

The company continues to actively recruit new employees.

The Valdese Weavers leadership team: Katie Pritchard, left, senior vice president of finance; Roger Berrier, chief operations officer; and Blake Millinor, president and CEO.

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