NOVI, Mich.--(BUSINESS WIRE)--Lineage, Inc. (the “Company”) (NASDAQ: LINE), the world’s largest global temperature-controlled warehousing REIT, today 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 on the NASDAQ Global Exchange. 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 US 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.
About Lineage
Lineage, Inc. is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84.1 million square feet and 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. (onelineage.com)
Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Lineage intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by Lineage’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of Lineage’s performance in future periods. Except as required by law, Lineage does not undertake any obligation to update or revise any forward-looking statements contained in this release.
