Leesburg, Florida, July 30, 2018 – – Consolidated Minerals, Inc. (CMI) today announced that in June 2018, it became a 100% employee owned company through an Employee Stock Ownership Plan (ESOP). Prior to the conversion to an ESOP, CMI and its subsidiaries were owned by Leesburg Regional Medical Center and Cornerstone Hospice. CMI’s founder F. Browne Gregg, who passed away in 2014, named the two non-profit organizations as the beneficiaries of his estate in his final and perpetual pledge to the community of Leesburg. The boards of directors for the hospital and hospice were committed to finding a way to keep the company’s headquarters in Leesburg to ensure that CMI would remain an independent, locally owned company.
Fred Horton, CMI’s current President and CEO, echoed this sentiment saying: “Becoming an employee owned company ensures stability for all of our customers, vendors, employees, and the local communities where we operate. Through our ESOP, our employees, which includes C L Industries, Aquavations, Universal Aggregate Solutions, and Mallard Global Logistics, will share in the financial and operational success of CMI in ways that few employees do. Since customer satisfaction drives our company’s success, with our ESOP all of our employees have an even greater interest in better serving our customers.”
Browne Gregg founded Consolidated Minerals in Leesburg, Florida in 1987 and to this day the company has adhered to Gregg’s philosophy of “Progress through Innovation.” Gregg was a highly decorated veteran of World War II who flew many successful air combat missions and earned the Silver Star. Soon after the war ended he came home to Leesburg and immediately invested his life savings into self-made businesses. He quickly grew from a small-town business owner into an internationally recognized entrepreneur. He is most widely known for Florida Crushed Stone Company (FCS), which he founded in 1971. In the 1980’s the company designed the world’s first integrated facility combining a cement plant, a power plant, and a lime plant. In 2000 Gregg sold most of the operations of FCS to CSR America.
Despite being 78 years old at the time, Gregg retained ownership of several operations of FCS and combined them with Consolidated Minerals. Gregg brought hundreds of jobs to Central Florida and literally helped shape the central Florida landscape with his bridge and road projects. He lived in Leesburg virtually his entire life and was committed to giving back to the community.
Consolidated Minerals and its employee owners look forward to the future, firmly committed to expanding on its founder’s principles and values, which includes his support for the Leesburg community.
About Consolidated Minerals, Inc.
CMI, through its subsidiaries C L Industries, Aquavations, Universal Aggregate Solutions, and Mallard Global Logistics, is the world’s leading manufacturer of swimming pool plaster, exposed aggregate pool finishes, deck coatings, and building materials for the swimming pool industry. C L Industries is known for its superior service and logistical support to customers. The Company’s Hydrazzo line of polished marble pool coating systems is an industry standout as well as their high-quality quartz and pebble finishes used in high end residential and commercial swimming pool projects. CMI is headquartered in Leesburg, Florida, and employs more than 80 people.
