DATE RELEASED: 01/10/20

CLEVELAND, OHIO, Jan. 7, 2020 -- Palmer Holland, a North American specialty chemical and ingredient distributor of raw materials, converted to a privately held Employee Stock Ownership Plan (ESOP) with an ownership team made entirely of employees.

While Palmer Holland was a private company prior to the transition, this move solidified the organization's goal to remain an independent specialty chemical and ingredient distributor for the long term. While others in the sector have sold to...

DATE RELEASED: 01/09/20

GREEN, OH — Kovatch Castings Inc. (KCI), located at 3743 Tabs Drive, has adopted an Employee Stock Ownership Plan (ESOP).

Company CEO Doug Kovatch recently informed employees he is selling 100 percent of the business to the ESOP and will be staying on as the company's CEO.

Also, Tom Planz, who joined KCI in December 2014 as director of operations and has 38 years of experience in the investment casting industry, will take on...

DATE RELEASED: 01/08/20

ALLENTOWN, Pa., Jan. 8, 2020 /PRNewswire-PRWeb/ -- Through an exciting and culture enhancing transaction Andesa Services, Inc is pleased to announce their 165 employees now own 100 percent of the company, through an employee stock ownership plan (ESOP) executed by the Shareholders earlier today. An ESOP is an employee benefit plan which provides company stock to employees as part of their retirement benefit. The ESOP is in addition to Andesa's...

DATE RELEASED: 01/08/20

NAPA, Calif.--(BUSINESS WIRE)--One of the largest suppliers of wine to the world's airlines and cruise ships has become 100 percent employee owned.

Intervine, headquartered in California's Napa Valley, became 100 percent employee owned through an Employee Stock Ownership Plan (ESOP). ESOP's were established by the United States Government nearly 50 years ago as part of the Employee Retirement Income Security Act (ERISA).

According to...

DATE RELEASED: 01/07/20

PAQ Inc., an independent franchisee of Food 4 Less operating 20 stores in central and northern California, has created an employee-owned stock ownership plan (ESOP) in light of the retirement of owners Patricia and John Quinn. Business partner Glenn Evans will remain with the company as chairman of the board. The three partners founded the business in 1995.

Along with the leadership changes, Bill Cote has been promoted to CEO from chief financial...

DATE RELEASED: 01/06/20

(CNN) For many entrepreneurs, the ultimate goal is to take their company public. But for fashion designer Eileen Fisher, staying private and giving her employees a share of the business has allowed her to carve her own path to success.

Fisher personally owns 60% of the company that shares her name, while the remaining 40% is held by her 1,200 full- and part-time employees through an employee stock ownership plan (ESOP).

"Once we started having extra profit, the first thought was...

DATE RELEASED: 12/30/19

Highlights

  • Price protection agreements are designed to protect employee stock ownership plan (ESOP) participants from the transitory diminution in stock value that often follows a second-stage ESOP transaction.
  • The IRS has ruled that when, as a result of a price protection agreement, an ESOP participant receives payment for distributed shares in excess of the shares' current fair market value, the excess amount must be treated as ordinary income from employment....
DATE RELEASED: 12/24/19

The Pennsylvania House of Representatives recently advanced legislation that would provide incentives for Pennsylvania businesses to participate in Employee Stock Ownership Plans (ESOPs).

House Bill 285, sponsored by Representative Daryl Metcalfe (R-Butler), would apply certain provisions of the federal tax code at the state level and allow certain business...

DATE RELEASED: 12/14/19

October was a month filled with excitement for SCJ Alliance employees and President/CEO Jean Carr. "I was privileged to announce to our employees that SCJ is now a 100% employee-owned company," Jean shared. "Being a 100% employee-owned company is a way for our founders and previous owners to reward our employees for their dedication and commitment, as well as preserve our unique culture."

The decision to establish an Employee Stock Ownership Plan & Trust (ESOP) was a natural...

DATE RELEASED: 12/10/19

DALLAS — December 10, 2019 — Integrity Marketing Group, LLC ("Integrity"), Integrity Marketing Group, LLC ("Integrity"), the nation's largest independent distributor of life and health insurance products, today announced the completion of a new Employee Ownership Plan. The plan provides meaningful ownership to all of Integrity's eligible employees who have at least one year of tenure, at no cost to them.

This represents a plan for all...

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