Mity-Lite
Encyclopedia
Mity-Lite, Inc. is an American manufacturer
of tables, chairs, portable dance floors, staging, and partitions.
, Utah
, United States
. Founded in 1987, Mity-Lite manufactures lightweight folding tables and chairs, including Aluminum, Madera Laminate, and Madera Plywood tables; banquet, stacking, and folding chairs; portable dance floors; staging; and partitions.
Mity-Lite employs about 250 people and has annual revenue
s of approximately US$60 million per year.
As of 2011, the chief executive officer
is Randy Hales.
s and other church furniture. He secured a US$1 million contract order with The Church of Jesus Christ of Latter-day Saints for a banquet table he had developed. However, Wilson lacked the financing to manufacture the table. After a deal with Samsonite
failed, Wilson incorporated as MITY Enterprises, Inc., with US$500,000 from angel investors.
In March 1994, MITY Enterprises went public
, selling 900,000 shares
of common stock
at US$5.25 per share. The company was listed on the NASDAQ
under the ticker symbol
MITY.
In July, 2007 Mity Enterprises merged with Sorenson Capital and Peterson Partners, both Salt Lake City-based private equity firms.
Manufacturing
Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
of tables, chairs, portable dance floors, staging, and partitions.
Overview
Mity-Lite, Inc. is based in OremOrem, Utah
Orem is a city in Utah County, Utah, United States, in the north-central part of the state. It is adjacent to Provo, Lindon, and Vineyard and is about south of Salt Lake City. Orem is one of the principal cities of the Provo-Orem, Utah Metropolitan Statistical Area, which includes all of Utah and...
, Utah
Utah
Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Founded in 1987, Mity-Lite manufactures lightweight folding tables and chairs, including Aluminum, Madera Laminate, and Madera Plywood tables; banquet, stacking, and folding chairs; portable dance floors; staging; and partitions.
Mity-Lite employs about 250 people and has annual revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
s of approximately US$60 million per year.
As of 2011, the chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
is Randy Hales.
History
In 1987, Mity-Lite founder Greg Wilson owned Church Furnishings, Inc, a company that made pewPew
A pew is a long bench seat or enclosed box used for seating members of a congregation or choir in a church, or sometimes in a courtroom.-Overview:Churches were not commonly furnished with permanent pews before the Protestant Reformation...
s and other church furniture. He secured a US$1 million contract order with The Church of Jesus Christ of Latter-day Saints for a banquet table he had developed. However, Wilson lacked the financing to manufacture the table. After a deal with Samsonite
Samsonite
The Samsonite Corporation makes luggage with its products ranging from large suitcases to small toiletries bags and briefcases. It was started in Denver, Colorado, USA in 1910 byJesse Shwayder, as the Shwayder Trunk Manufacturing Company. Shwayder named one of his initial cases "Samson", after the...
failed, Wilson incorporated as MITY Enterprises, Inc., with US$500,000 from angel investors.
In March 1994, MITY Enterprises went public
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
, selling 900,000 shares
Share (finance)
A joint stock company divides its capital into units of equal denomination. Each unit is called a share. These units are offered for sale to raise capital. This is termed as issuing shares. A person who buys share/shares of the company is called a shareholder, and by acquiring share or shares in...
of common stock
Common stock
Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive their funds after preferred stock holders, bondholders, creditors, etc...
at US$5.25 per share. The company was listed on the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
under the ticker symbol
Ticker symbol
A stock symbol or ticker symbol is a short abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both. "Ticker symbol" refers to the symbols that were printed on the ticker...
MITY.
In July, 2007 Mity Enterprises merged with Sorenson Capital and Peterson Partners, both Salt Lake City-based private equity firms.