StoneAge Holdings, Inc., the global leader in high pressure industrial cleaning equipment, is now 100% employee-owned through its Employee Stock Ownership Program (ESOP).
DURANGO, Colo., Jan. 31, 2023 /PRNewswire-PRWeb/ -- StoneAge Holdings, Inc. becomes 100% Employee Owned
StoneAge Holdings, Inc., the global leader in high pressure industrial cleaning equipment, is now 100% employee-owned through its Employee Stock Ownership Program (ESOP).
Led by CEO Kerry Siggins, StoneAge has been an innovator and leader in the waterjetting industry for over four decades. Headquartered in Durango, Colorado, the company's dedication to Southwest Colorado and desire to stay in Durango motivated them to form the ESOP rather than entertain acquisition offers. Says Kerry of becoming 100% employee-owned, "We take pride in providing our team with rewarding careers and the chance to work alongside remarkable colleagues to achieve something truly meaningful together. We embody ownership thinking in everything we do, from our accountability to each other, to how we serve our customers and value our partners." She continued, "Being employee-owned drives and shapes our daily work ethic, and we couldn't be more excited to continue serving and innovating the industry as one united team."
An ESOP is essentially an ownership model that is best accessed at retirement, similar to a 401(k) plan, but instead of investing in the stock market, the ESOP trust buys company stock and holds its assets in a trust for employees. An ESOP can own just a small percentage of the company or up to 100 percent of it. ESOP participants, the company's employees, accrue shares in the plan over time and are paid out by the company repurchasing their shares, typically after leaving the company. The ESOP benefit is maximized the longer an employee says with the company and when they roll the cash into an IRA until retirement age.
John Wolgamott, StoneAge's cofounder and board chairman said, "My partner, Jerry Zink, and I believe that by selling our shares to the ESOP, we are creating a sustainable, forward-thinking company committed to improving the lives of its employees. We are proud that all our employees share in the success of StoneAge and find deeper meaning in their work."
Broad-based employee ownership is becoming more popular throughout the United States, generally for companies with 50 – 1,000 employees, and has a proven robust, successful model for companies. As a 100% employee-owned company, StoneAge is committed to being an impactful and positive presence in the lives of its employees, customers, partners, and local communities. StoneAge sustains its company culture and inspires customer loyalty by staying true to its "Own It Mindset" core values and creating long-term success for all stakeholders.
To learn more, visit http://www.stoneagetools.com
Media Contact: Carol Taylor * [email protected] * 520.305.6467
Media Contact
Carol Taylor, StoneAge, Inc., 1 5203056467, [email protected]
SOURCE StoneAge, Inc.
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