On behalf of the board of directors and shareholders, we are pleased to announce changes in our name and corporate structure that better fit our current businesses and vision for the future. We are no longer only an industrial company, but also a company involved in technology of all kinds.
These changes build on our recent organizational announcements and better reflect our transformation over the past six decades from a small family firm into one of the largest privately held companies operating through a highly diverse set of businesses.
As a result, Koch, Inc., will be our new top-level holding company and Koch Companies, LLC, will be a new financially rated entity and a subsidiary of Koch, Inc. Koch Companies, LLC, will hold Koch Industries, and the subsidiaries historically owned by Koch Industries. We expect these changes to be effective during the third quarter of this year.
Our new name and structure will help us improve the application of our principle-based framework, continually transforming for the benefit of our company, our employees, our customers and people throughout society.
