Bandit Industries announced on June 7 they would sell 100 percent of the company to their employees in an employee stock ownership plan (ESOP). Under the ESOP, Bandit, a maker of woodchippers and other wood waste processors, will retain its current leadership. The announcement comes after two previous attempts to sell Bandit Industries – once to
Bandit Industries – Isabella County’s eighth-largest employer – announced on Friday it would become 100 percent employee-owned. Announcement of the change, after several years of trying to find a buyer, comes two months after the Morey family that owns the firm began a $1.4 million expansion. Owners Mike Morey Sr., Dianne Morey and Jerry Morey said
As the pay gap between CEO and median employee earnings continues to increase, African solar energy company Fenix International is burning the outdated rulebook on traditional employee stock options. It announced the first cash payout to its employees across Africa, with mid-level and low-level workers set to benefit. How successful will the scheme prove to
Celebrating its first anniversary as an employee-owned company, Salinas, Calif.-based Tanimura & Antle has contributed $21.7 million to its Employee Stock Ownership Plan. Tanimura & Antle created the plan in February 2017, under Rick Antle’s leadership, to “recognize the company’s greatest asset, its employees,” according to a news release. “Tanimura & Antle was built on
Eastman Auto and Power Limited, one of the leading companies in energy storage and solar solutions has initiated an Employee Stock Ownership Plan (ESOP) for its employees. An ESOP is a trust fund that owns the company, in which all full-time employees generally earn shares as part of their compensation. The objective of the initiative is to achieve organizational excellence through the valuable
Ron Butt, senior partner and co-founder of ARGI Financial Group, has sold his shares in the company. Butt agreed to allow other partners and the company's employee stock ownership plan, or ESOP, to buy him out of the company's ownership group, according to a news release. With this transaction, the ESOP now owns 28 percent of
What began as an annual employee summit turned into an emotional gathering culminating with bottles of beers being cracked open. The latter was encouraged by the owners, and with good reason. Great Lakes Brewing Co. owners Pat and Dan Conway and CEO Bill Boor saved the biggest news for the end of the off-site meeting Monday,
L'Oréal is announcing the launch of its first Employee Share Ownership Plan. The plan will be rolled out in 52 countries and will give L'Oréal employees, in France and internationally, the possibility to be even more closely linked to the Group's development. Following the implementation of a "Worldwide Profit Sharing" policy which gives employees a
Green Bay-based furniture maker KI is now owned by its employees. KI announced that it completed transition to 100 percent employee stock ownership on April 27. The company was owned by members of the Resch family. CEO Dick Resch said this transition is a dream become reality. “This change marks the culmination of my lifelong
Associate-owner shareholders in the Jasper Engines & Transmissions Employee Stock Ownership Plan (ESOP) were treated to another record-setting share value announcement on April 26. A total of nearly $12,000,000 in new shares were distributed to over 2,400 eligible associate-owners. JASPER share value continues to experience rocket ship growth since the inception of its ESOP in
The Motz Corporation, global provider of innovative turf solutions, is now employee owned after launching an employee stock ownership plan (ESOP). Founded in 1977 and serving the high-performance natural and synthetic turf markets, The Motz Corporation is one of the most recognized and highly respected turf system specialists in the world. Celebrating more than 40 years in the industry,
Brent Nussbaum, CEO of Nussbaum Transportation, the trucking company his father started in 1945, says the best way to keep the firm family-owned for the next generation and to retain good people is by having his employees become part owners. Beginning April 16, the Hudson, Ill., carrier gave 35% of ownership to employees through an
A new employee stock ownership plan will provide employees with a financial stake in Nussbaum Transportation. The Hudson-based freight carrier has transitioned 35 percent of the company ownership to employees through an Employee Stock Ownership Plan (ESOP). “We’re excited to bring our employees into ownership of Nussbaum Transportation,” said CEO Brent Nussbaum in a statement.
Morrico Equipment LLC announced that its company has become employee owned. The announcement was made last night during a special employee meeting at the Hilton Guam Resort and Spa. The conversion to an employee-owned company, also called Employee Stock Ownership Plan, became effective March 31. As the company fast approaches 30 years in business on Guam,
In most businesses, the owner works harder than anybody. The extra push beyond just the paycheck comes rewarded by equity in a company that grows in value. Oliver’s Market, with nearly $175 million in sales expected this year from stores in Cotati, Windsor and two in Santa Rosa, launched an employee-stock-ownership plan in 2017. So
Strategic Financial Solutions, which has targeted growing to at least 1,500 jobs in Amherst in the next few years, is now employee owned. The New York City-based company took the step through an Employee Stock Ownership Plan at the end of 2017, said Ryan Sasson, the company's chief executive officer. "We've had many investors show interest in Strategic,"
Case goods and contract furnishings manufacturer, Whitewood Industries recently announced that it has sold its privately-owned company to its employees through an Employee Stock Ownership Plan (ESOP). The company, founded in 1982 by partners Jorge Mata and Ron Feibel, was originally a supplier to ready-to-finish furniture stores. Yet over the past three decades they diversified
The success story of custom furniture manufacturer Whitewood Industries has been the transfer of its ownership to its more than 300 employees. The Thomasville company said Monday it was sold in December to its employees through an employee stock ownership plan program, known as ESOP. It was founded in 1982 by Jorge Mata and Ron Feibel.
Leading Edge Avionics, one of Southern California's most trusted and experienced aviation brands, announced today that current CEO Kathryn Brewer has acquired the company and will give an ownership stake to employees later this year through an employee stock ownership plan (ESOP). Brewer acquired Leading Edge from aviation entrepreneur Mike Manclark, who is known for
USA Mortgage's sole owner, president and CEO, Douglas Schukar, transferred ownership of the company to employees through an Employee Stock Ownership Plan (ESOP). Schukar said he'd been mulling the idea of an ESOP since 2015, when a pair of employees abruptly resigned citing a lack of a succession plan at the company. "I was stunned,"