MTI Completes Employee Buyout

MTI Completes Employee Buyout

Sugar Hill, GA MTI Whirlpools has announced a change in ownership from that of a family-owned business, known as Mr. Tubs, Inc., to that of a newly formed, employee-owned company.

The new company, MTI Whirlpools, has retained Mr. Tubs' founders and former owners, J.C. Henry and Vicki Henry-Higgins, as consultants, said MTI president Kathy Adams. About 20% of the firm's employees including most of the sales, marketing and administrative staff purchased stock in the new company, Adams said.

Terms of the transaction were not announced.

MTI Whirlpools, based near Atlanta, was founded in 1988 and specializes in the customization of whirlpool and soaker tub products. The company's products are available through kitchen and bath dealers and plumbing wholesalers.

"We have always had a lot of pride in the work we do, and in this company," said Adams. "Now, our excitement is intensified. Mr. Henry built the business with a lot of hard work and strong resolve to take risks. We will continue on with his philosophy."