Today Morton Buildings Inc. announced that 100% of the company is owned by employees.
Prior owners sold their shares to the Employee Stock Ownership Plan (ESOP) Trust, which gives current and future employees full ownership of the company. As an employee-owned company, Morton Buildings will continue to operate under its existing business model and management structure.
“This ESOP transaction will have an overwhelmingly positive effect of the company by further strengthening the historical bond among our very capable and committed employees,” said John Russell, President and CEO of Morton Buildings. “Full ownership will not only increase retirement security for our Employee Owners, but will also reinforce their commitment to our loyal customer base. Employee ownership stimulates enthusiasm and changes lives.”
Following today’s news, employees now own one of the 75th largest ESOP companies in the United States, according to the National Center for Employee Ownership.