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 140 team members at eight offices in five 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., Panama City, Fla., Tampa, Fla., Tulsa, Okla., and Chattanooga, Tenn.
“We want everyone to know how dedicated our employees are. Being a 100 percent employee-owned business, our team serves our customers with passion and dedication.”
– Todd Hoffman, Director of Corporate Operations