IICRC shareholders finalized the stock purchase agreement at the shareholder meeting in October, making the LMCCA the Institute''s first new shareholder since 2003, the release stated.
IICRC shareholders are comprised of groups from within or affiliated with the cleaning, restoration and inspection industries, the release noted.
Paul Pearce, the IICRC board chairman, said: "LMCCA members have been strong supporters of the IICRC for years, serving on committees and task forces and chairing technical advisory groups. The IICRC is pleased to welcome LMCCA to the shareholder ranks and looks forward to a long and fruitful relationship in the years ahead."
As a new shareholder, the LMCCA does not have a seat on the board of directors but does have the same rights, privileges and obligations as other shareholders, including the ability to shape policy, standards and bylaws via participation in semi-annual shareholder meetings, the release added.