Kennebec Technologies Announces ESOP
Effective January 1, 2016, Kennebec Technologies is an employee-owned company with an Employee Stock Ownership Plan (ESOP) structure.
The ESOP now owns 100% of the company's shares and will allocate a portion of them to employees each year. This new structure ensures that, moving forward, Kennebec Technologies will be owned and operated by the seasoned employees who already have a stake in the company and who have played a big part in building its strong and healthy corporate culture.
A few of Kennebec Technologies' 65 employees who are to become part owners
The opportunity for employees to share ownership of the company enhances existing retirement benefits that include a 401(k) plan.
While the ESOP allows employee owners to earn stock in the company, all operations remain the same. Charles (“Wick”) Johnson remains the president, and executive staff continues to lead and manage the corporation.
“Customers won’t notice any difference in their relationship with Kennebec Technologies, the service they receive, or the product quality we deliver,” said Johnson. “Our intention is to create a secure long-range succession plan that maintains continuity for our customers and employees in the coming years.”
“I expect this development to give our workforce a greater than ever sense of pride, investment, and incentive to be productive, innovative, and dedicated,” said Johnson. “I expect that it will help Kennebec Technologies to be even more successful attracting and retaining experienced and talented employees, which will be of great benefit to the company and our customers.”