Morton Buildings, Inc., the industry leader in post-frame manufacturing and construction, announced today that 100% of the company is now owned by its employees. Prior owners sold their shares to the employees’ Employee Stock Ownership Plan (ESOP) Trust, giving 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 on 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.”
Morton’s ESOP is a qualified retirement plan that can generate significant retirement benefits for Morton Buildings’ 1,700 Employee Owners. It is not uncommon for owners of private companies to sell their stock to an ESOP as a means of handling intergenerational wealth transfers, and for Morton Buildings it was the perfect succession plan. The former owners wanted to share the wealth with the employees who had worked so hard to make the company successful. The result is that Morton’s employees will now own one of the 75th largest ESOP companies in the United States, according to The National Center for Employee Ownership.