Saalex Corp. has announced that the company is now owned by its employees through an employee stock ownership plan.

Employees of the Camarillo engineering and information technology services company will receive stock allocations annually that will vest over a period of time and increase in value as the company grows.

Chief Executive Travis Mack said that an employee stock ownership plan allows for Saalex workers to benefit financially from the work they do in promoting the success of the company.

β€œIt provides pride of ownership and incentives for all employees to help grow Saalex to even greater success,” Mack said in a statement. β€œI have always believed the strength of Saalex has been its people. This is my way of demonstrating my beliefs and how we can build on that strength by making employees owners.”

Saalex, through its two divisions, provides engineering, information technology and test range operation management. It has between 150 and 175 employees working in Ventura County in Camarillo and Naval Air Station Point Mugu, and an additional 300 to 350 employees at Naval Air Weapons Station China Lake, near Ridgecrest.

Read more at the San Fernando Valley Business Journal