Guardian Industries officials confirmed the company has completed the previously announced sale of a minority stake in the business to a subsidiary of Koch Industries. According to a recent Reuters report, Koch now owns a 44 percent share of the glass manufacturer.
Guardian also announced that Koch Industries' former VP of Business Development, Ron Vaupel, will serve as Guardian president and CEO, effective January 1, 2013. Vaupel will join the Guardian board of directors, along with others representing company investors, including Guardian management shareholders, the William Davidson family and Koch.
As of January, the current presidents of each of Guardian's business units will report to Vaupel. These include: Scott Thomsen, president of Guardian Glass; Mike Morrison, president of Guardian Automotive; Steve Ziessler, president of Guardian Building Products; and Kevin Baird, president of SRG Global.
"Guardian is an exciting place to be today and will be for years to come," Vaupel said, in a statement. "We have a great culture with an emphasis on long-term profitable growth and a commitment to--and passion for--innovation."
The Guardian board had been seeking strategic partners for the company that "would be a cultural fit with Guardian and respect the Guardian way, operate large industrial businesses, and would be willing to hold a minority stake with influence rather than outright control," according to a letter to employees.
Koch is an international company, with about 60,000 employees, and a presence in about 60 countries.