October is Employee Ownership Month (EOM)- a month-long celebration of the undeniable benefits employee ownership provides to employees, companies, local communities, and the nation.
In 2010, Gear Motions completed the sale of the company to the employees, becoming 100% employee owned. To celebrate Ownership Month, Gear Motions is hosting a series of employee activities to highlight facts and benefits of ESOPs, and to show appreciation to our employee owners’ company wide.
WHAT IS AN ESOP
According to The ESOP Association “An Employee Stock Ownership Plan (ESOP) is a tax-qualified retirement plan authorized and encouraged by federal tax and pension laws.
When companies launch an ESOP, they form a trust that purchases some or all the company’s shares and holds these shares in retirement accounts for employees. When the stock value increases or decreases, so does the value of employees’ accounts.”
“ESOPs provide unique benefits to the employee owners, the institutions, and the surrounding communities that they are involved with. ESOPs have been proven to motivate employees, increase productivity, improve employee retention, excel at providing employee training, keep jobs local, counter wealth inequality, contribute to business health and longevity, and so much more.”
OUR ESOP STORY
Gear Motions was founded in 1973 by visionary leader Samuel T. Haines, who set out to build a company that values its employees as much as it does its customers. His goal was to unite several companies into a network of precision-focused, quality-driven gear manufacturers dedicated to customer satisfaction.
In 2005, Gear Motions began its journey toward becoming an Employee-Owned Company by establishing an Employee Stock Ownership Plan (ESOP). By 2010, the company had fully transitioned to 100% employee ownership. This move not only ensured that Gear Motions would remain firmly rooted in its community but also secured its long-term viability and growth.
Employee ownership brings numerous advantages for the company, its employees, and its customers. For customers, it means that their precision gears are crafted by people who have a personal stake in delivering top-notch results. Gear Motions’ employee owners are deeply committed to the company’s success, providing world-class customer service and going the extra mile to exceed expectations.
By fostering a culture of ownership and investment, we believe that highly motivated employees, who take pride in producing exceptional gears, will drive our company’s growth and success in ways we could have never imagined.
EMPLOYEE OWNERSHIP MONTH
Gear Motions is celebrating Employee Ownership Month all month long with activities aiming to increase ESOP awareness as well as provide employee owners a chance to enjoy some tasty treats, fun contests, and quality time with their fellow employee owners.
