Bowling Green-based Houchens Industries announced the acquisition of Lee Masonry Products Inc. Thursday.
Houchens said the acquisition was approved and the subsequent merger of the existing Lee Masonry Employee Stock Ownership Plan business into their ESOP.
Lee Masonry Products Inc. was established by Ray Lee in Frankfort in 1963 and became a 100-percent employee-owned company in 2006. Lee Masonry is a manufacturer of concrete block and specialty concrete products and a distributor of clay masonry products for commercial and residential use.
Lee Masonry operates 19 facilities in Kentucky and Tennessee, including locations in Hopkinsville and Hardin, Kentucky, and employs more than 400 people.
Houchens Chairman and CEO Dion Houchins said Lee Masonry Products would be a wonderful addition to the Houchens portfolio of companies.
Lee Masonry Products’ Carol Lee said the transaction allows Lee Masonry to maintain its company legacy and instantly diversifies the retirement accounts of the participants in the ESOP.
