An Erie-based company has completed its transition to a 100 percent employee-owned business.

Officials from Onex, an industrial furnace company, announced the creation of a new Employee Stock Ownership Plan (ESOP) at a company event on August 21. Company officials say the transition secures the Onex’s future in Erie.

“Being 100 percent employee-owned rewards our hard-working employees, excites our clients, keeps the business headquartered in Erie, ensures we have the same strong management team and leverages the benefits of tax-free status,” said Ashleigh Walters, President of Onex. “When we considered all these positives, it made sense to make this transition now.”

Onex is now one of over 285 employee-owned companies in Pennsylvania and 5,000 nationwide.

Ashleigh and Drew Walters acquired Onex from Drew’s father in 2018. They say they are committed to the revitalization of American manufacturing and the rebuilding of Erie’s economy from the inside out.

“With this ESOP, our families, our community and Onex are stronger and ready for a bright future,” said Asleigh.