The University of Texas at Tyler announced a name change to its business school, named after John Soules Foods on Monday.
The College of Business and Technology will be the Soules College of Business, after the family made a major investment supporting the university.
The investment will be the largest single private contribution to the university in its history.
UT Tyler President Dr. Michael Tidwell said the family is not disclosing how much they donated. However, it will be an ongoing donation.
"The Soules family has been a real pillar in the East Texas community for the last 30 years. So, when thinking about what family we wanted to name the school of business after, it was a very easy choice for us," Tidwell said, adding the name change decision was an easy one.
CBS19 took a tour of the new 140,000 square-foot facility. It will feature 250-seat auditorium, robotics, a cyber security lab, computer labs and a New York Stock Exchange ticker.
"Students will now have scholarships that are available to them. Faculty will have fellowships for travel, writing of books and articles. Economic research projects," Tidwell said.
John Soules Sr. said his hope is for students to take learning beyond textbooks, and he could not have picked a better school to invest in.
"The world is sort of waking up to how great a place East Texas is, how wonderful the people are, and we thought what better opportunity could there be," said Soules Sr.
The Soules College of Business is expected to open in the fall.
The university also is working to complete a multi-story parking garage next to the new business school. The old building will be renovated, and become the new home to Arts and Sciences.