Paytm is now capitalized at $10 Billion making it the 2nd most expensive internet company in India post Flipkart. The latest valuation of the company comes after 200 workers of the Noida-located company traded shares from the ESOP (employee stock ownership plan). This scooped up $50 Million. In 2017, Paytm had collected $1.4 Billion in
Standard Golf Company has announced the successful transfer of a 100 percent ownership of the company to its employees via an Employee Stock Ownership Plan effective Jan. 3, 2018. When Standard Golf Company President, Peter Voorhees, started thinking about succession plans for the business, he had many options, and selling the company to an unknown party
A deal worth £148m ($198m) for Birmingham-based engineering company IMI to acquire an American counterpart has completed. In December it was announced that Bimba Manufacturing, which was founded in 1957 and is headquartered in Chicago, will become part of IMI Precision Engineering's US Industrial Automotion business. Completion was conditional on merger clearance and the approval by
California-based Shutterfly, the big online retailer and manufacturer of personalized photography and related products and services, plans to pay $825 million in cash to buy Eden Prairie-based Lifetouch, an employee-owned company and a leader in school photography. "We're focused on growing both these businesses," Shutterfly CEO Chris North said during a visit to Eden Prairie
Kenya Airways has listed additional shares on the Nairobi Securities Exchange to enable a share split and simultaneous consolidation of the company’s stock, closing the intricate financial and capital restructuring process – the first of its kind in this market – and securing the airline’s future. The restructuring saw the Kenyan Government increase its share
Staab Construction Corporation has announced it recently completed a transition to become 100 percent employee owned through its Employee Stock Ownership Program (ESOP). “We have been transitioning to 100 percent employee owned for the past few years,” said Ben Lee, Chief Operating Officer. “We started the ESOP in 1989, with the goal of eventually being
Tri Wire Engineering Solutions, a broadband service installation company for the telecom industry headquartered in Tewksbury, announced that in January, 100 percent of the company's common stock was transferred to the employees through an Employee Stock Ownership Program, making Tri Wire one of the largest broadband service companies completely owned by its employees. With
Switchback Brewing, with a thirty thousand barrel production capacity and 30 employees now joins half a dozen other breweries around the country that have established ESOPs - or Employee Stock Ownership Plans. More than six thousand other U.S. firms are now ESOPs, with a total employment of more than fourteen million workers. There are perhaps
A mid-sized Vermont brewery has become the latest employee-owned craft beer company in the US. On February 8 the Switchback Brewing Company in Burlington, VT officially became the first 100 per cent employee-owned brewery in the state via an Employee Stock Ownership Plan (ESOP). At the company’s annual meeting, owner and brewmaster Bill Cherry announced
Dennis Frampton spent nearly 50 years working at Meadville's C&J Industries, a custom plastic-injection molder and medical device contract manufacturer, founded in 1962. When retirement beckoned for the company's president and chief executive in 2016, he and his family members serving on C&J's board of directors opted against selling the plant to an out-of-town company
On a call with Seven Days in late November 2015, Switchback Brewing cofounder and president Bill Cherry reflected on the success of his flagship amber ale. He had formulated the beer and supervised its production since its 2002 debut, tweaking the recipe along the way. Even so, Cherry refused to take full credit for it.
Riverford Farm entrepreneur Guy Watson is set to take his business into employee ownership.The businessman – who employs more than 500 staff at the farm near Staverton in South Devon and at sister sites in Hampshire, Cambridgeshire and Yorkshire – said that the move makes good business sense with happier engaged staff and tax benefits.
Employees are the new owners of a popular gardening and pet supply store in Anchorage. Alaska Mill Feed & Garden Center announced Monday that it has transitioned to what's called an employee stock ownership plan, a type of retirement plan. Alaska Mill Feed, along with the wholesale side of the business called Alaska Garden & Pet
Santanna Energy Services (Santanna) is pleased to announce that as of January 3, 2017, Santanna has become an employee stock ownership company. As a company with over 28 years of service in the deregulated energy industry, Santanna is excited to provide its employees with a stock ownership program. This stock ownership program comes after years of
Switchback Brewing Co. owner Bill Cherry called his employees into a conference room Monday to tell them some pretty big news: He had sold the company. Many employees were shocked and confused as Cherry told them how the decision to sell would affect them, said Meagan Gorton, a Switchback employee. “I guess it’s time for
On January 1, 2017, Arbor Assays became the first employee-owned (EO) life sciences company through the use of a “perpetual trust.” The owners sold their interests to the employee trust and provided seller financing. This method of employee ownership maintains the company perpetually for the benefit of its employees. While a relatively new technique in
Markertek, the leading supplier to the broadcast industry, recently announced it is now 100% employee owned through an Employee Stock Ownership Plan (“ESOP”). The ESOP program means employees are part owners in the company thus creating an environment where both customers and employees alike benefit directly from a job well done. Under this new plan,
One of the oldest manufacturing companies in North Dakota has been sold. Fargo-based Hebron Brick Co. was recently turned over to its employees through a complicated process known as an Employee Stock Ownership Program (ESOP). Hebron Brick Co. President Jeff Laliberte says former owner Rodney Paseka wanted to make sure the company remains in North
Clark Insurance, which started making the transition to employee ownership in 1992, is now 100% employee owned. The Portland-based carrier's Employee Stock Ownership Plan covers 100 employees in Maine, New Hampshire and Massachusetts. The process was started by former president Richard Clark. The ESOP, which had previously owned 54% of the company, purchased remaining shares.
A Dundee shopfitter is moving to employee ownership as it prepares to mark its 30th anniversary next year. Balgray Works based Bentleys Shopfitting will transition to the new ownership model with the establishment of a new Employee Ownership Trust to acquire existing shareholders’ stock. The move – which will give the firm’s 50 employees a