Jerry Mathwig, founder and president of Metro Sales, Inc., Richfield, recently announced the company's ownership transition to its employees through the creation of an employee stock ownership plan.
Eligible employees will share beneficial ownership in the growth of the company.
In making the announcement, Mathwig said, "The employees built the company with the help of our customers, and I wanted to further reward them for their contribution. This ESOP allows employees the opportunity to share in the profits they helped create. I am confident that it will provide many additional benefits to the almost 300 employees of Metro Sales, Inc., well into the future."
The ESOP is retroactive to Jan. 1, 2019.
Metro Sales, with corporate headquarters in Richfield, has sales offices in Duluth, Hibbing, Mankato, Owatonna, Rochester and St. Cloud. In addition, there are out-of-state offices in Fargo, North Dakota, and Hudson, Wisconsin.
According to Mathwig, the move to an ESOP will not change the management structure at Metro. He will continue in his role as president and said, "This ESOP is designed as a long-term retirement benefit to [help] the company grow and reward the employees that do the hard work."
In addition to the announcement of the company's ownership transition, Metro Sales is also celebrating 50 years in business.
As seen in the Sun Current and Contributed by Ron Perhai.