PADUCAH, KY - Swift & Staley Incorporated, the local federal government contractor that provides infrastructure support services for the U.S. Department of Energy facilities in Paducah and Portsmouth, Ohio, has announced that it is now owned 100% by its employees.
After about a year-long process, the company recently finalized a transfer of ownership to its employees through an Employee Stock Ownership Plan Trust.
"I am thrilled to usher in a new era for the loyal employees of Swift & Staley," said Patricia A. Holsapple, former owner and CEO of the company.
In addition to helping create financial security for employees, the plan is designed to encourage and reward increased employee productivity and efficiency. Holsapple said this is a wonderful opportunity for the employees.
"Research has shown over and over that employee ownership builds successful, competitive companies, and creates economic stability for employees. With the implementation of the ESOP, the company's goal is to continue growing and to seek opportunities in other markets and sectors" says Holsapple. "We are thrilled that the employees will have the opportunity to share in this growth as owners of the business."
For over 20 years, Swift & Staley has worked with city and county leaders, labor organizations, and area colleges to promote the economy and economic opportunities for small businesses in the region.
As seen in the West Kentucky Star.