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 multinational, publicly-traded companies or reorganized, Palmer Holland has doubled down on the model, its people and its independence.
An ESOP, similar to a profit-sharing plan, lets a company set up a trust fund and contribute new shares of its stock as a retirement benefit to employees. This change will make Palmer Holland more independent and even more dependable in order to further live up to its commitment to customer excellence and unique commercial offerings to global chemical manufacturers.
"The conversion to an ESOP allows Palmer Holland to benefit employees and principals, live up to our core values in excellence, and evolve and grow," said Bryn Irvine, CEO. "It has always been our goal to remain independent even in this climate where others are selling. Our ESOP allows us to retain our culture and unparalleled way of doing business."
The move to an ESOP will not change day-to-day function and visibility in relationships with current customers or principals. This is not a new management or organizational structure; the only change is that its partners now get to connect with owners at every interaction.
The ESOP structure also provides another tool in recruiting and retaining top talent and adds a significant component to the employee benefit plan.
About Palmer Holland:
Established in 1925 as Palmer Supplies Company, today Palmer Holland is a North American specialty chemical and ingredient distributor of raw materials headquartered in Cleveland, Ohio with over 40 account managers and ingredient consultants stationed throughout the United States and Canada. Palmer Holland is a private, employee-owned company which allows us greater flexibility in the marketplace and a dedicated platform for long-term success. This flexibility enables Palmer Holland to provide our customers and principals with the most effective and efficient solutions. These partners are rooted in the areas of Agriculture, CASE (coatings, adhesives, sealants, elastomers), Health and Nutrition, Lubricants and Plastics. For more information about Palmer Holland, visit our website at www.palmerholland.com. Back to In The News