It's been in the works for five months. With the deal done and the sale of Watertown Township's John Henry Company out in the open, its CEO says he sees expansion and financial growth in the future.
The terms of the deal have not may been made public, but it's been announced that employees will be able to cash in stock as soon as the IRS officially closes the deal. Once employee owned, the John Henry Company, headquartered in mid-Michigan with six other sites in the United States, is now property of New York's Bear Stearns Merchant Banking.
The John Henry Company produces 17,000 different paper and plastic products for companies like Johnson & Johnson, Bristol-Myers and Phizer. With the sale finalized, the company will be going global soon and its operations could soar into the billions.