Employee Stock Ownership Plan (ESOP)
What is an ESOP?
An employee stock ownership plan (ESOP) is a benefit plan with advantages for the company, employees, and the original owners. Owners sell shares to an ESOP trust, which holds them for employees.
Threaded Fasteners Path to Employee Ownership
On April 1, 2007, employee owners of Threaded Fasteners Inc. purchased the shares of majority shareholder Frank Martin. In 2012, the purchase was complete when the second owner, Steve Sholtis, sold his stock.
The Threaded Fasteners Employee Stock Ownership Plan is a trust established for the exclusive benefit of the employees. Shares of stock are owned by the trust, and trustees manage the trust. Each vested employee is a beneficial shareholder of the trust. The TFI ESOP is set up primarily as a retirement plan.
A Community of Owners
Threaded Fasteners Inc. employs nearly 200 team members at twelve offices in six states that serve clients across North America. They provide solutions for all fastener needs of their customers in Mobile, Ala., Semmes, Ala., Pensacola, Fla., Gulfport, Miss., Meridian, Miss., Panama City, Fla., Tampa, Fla., Tulsa, Okla., and Chattanooga, Tenn.
Certified Employee Owned
Threaded Fasteners Inc. is a member of Certified EO, an organization that strives to create an employee-owned economy. Their certification program is combining the reach of employee-owned companies to create national recognition for this new approach to business. Certified EO works directly with members to help them make their employee ownership more visible to their workers, their customers, and their communities. To learn more about Certified EO, please visit www.certifiedeo.com