Lineage announces $100M investment in its workforce
Lineage Inc., the world’s largest global temperature-controlled warehousing real estate investment trust, trading under the NASDAQ ticker symbol LINE, announced a $100 million investment in its workforce.
Eligible US team members will receive a one-time award of stock or restricted stock units following the Company’s successful initial public offering. Named “Starting LINE Awards” in honor of the Company’s new ticker symbol, these awards will reach the vast majority of Lineage’s more than 16,000 U.S. team members.
“From the very beginning, we have sought to foster an ownership mindset at Lineage and have celebrated our wins together,” said Adam Forste, founder and co-executive Chairman. “Lineage’s success has been made possible because of the enormous contributions of our team members, and our Starting LINE Awards were designed to recognize and thank them for helping us build this company and take it public.”
Additionally, the company announced its intention to launch a program of ongoing equity-based awards to further incentivize and nurture an ownership mentality for Lineage team members. Under the program, called Lineage Legacies, the Company expects to grant eligible team members restricted stock units that will vest over time on an ongoing basis. Lineage Legacies is expected to launch next year.
“Time and again, the Lineage team steps up to serve in the face of whatever is thrown at them—which has included a global pandemic where they served as essential workers to help keep the world fed. I am proud of this team every day but today especially I am honored to reward them for their dedicated service,” said Greg Lehmkuhl, president and CEO of Lineage.
“Our hope is that our Starting LINE Awards and forthcoming Lineage Legacies program help our team members to both create a lasting financial legacy for themselves and their families and take part in our successes as a public company. This investment in our team speaks to the kind of workplace culture we are proud to have built at Lineage.”
Founded in 2008, Lineage is responsible for storing, handling and transporting food products across the U.S. and around the globe, operating more than 480 warehouses in 19 countries. With over 13,000 customers worldwide, Lineage offers end-to-end logistical solutions to the complexities of the cold chain—the vital network linking food from farm to fork—through its strategically located and scaled network of temperature-controlled warehouses and technology-enabled platform.
The company recently completed its IPO, debuting on NASDAQ on July 25, 2024, under the ticker symbol LINE.
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