On a humid June weekend, three generations of Lodges descended on a Westin in Chattanooga, Tenn. Family members, now also bearing surnames like Kellermann, Millhiser and Richards, had flown and driven in from all around the country.

This wasn't a typical family reunion. The gathering coincided with the annual shareholder meeting of the Lodge Cast Iron pan company, which has been melting pig iron and recycled steel to form cast iron pans for 130 years. Founded in 1896, the business has remained tightly held by the founding family.

Most families had long since left nearby South Pittsburg, Tenn. Hardly any work at the company or factory, let alone know the melting temperature of pig iron. But in an era of public offerings and rich acquisitions, this family has kept a tight grip on the handle of the business their patriarch founded.