Employee-Owned Company Celebrates Dual Anniversaries
Gripnail Corporation, of East Providence, Rhode Island, has plenty to celebrate. This year marks the 50th anniversary of its founder by original owners, Peter and Peggy Hallock [right]. But the "new owners" are equally pleased with an anniversary of their own - it's been 15 years since the company became an ESOP (Employee Stock Ownership Plan).
That was the year Hallock sold 30% of Gripnail's stock to its employees, making everyone working there a partial owner. In 2004, ESOP purchased the remaining shares, and Gripnail became 100% employee owned.
The number of ESOP companies in Rhode Island is small, but the New England Chapter is out front of the rest of the country with more than 100 companies. There are approximately 10,000 ESOPs nationwide, covering 10.3 million employees (10% of the private sector workforce).
Gripnail CEO, Chris Ryding, stated, "Peter's goal of having the ESOP established and becoming entirely employee-owned was achieved as the debt was paid off in 2012. We're grateful for his generosity and remain committed to his vision."
According to the ESOP Association website, for over 20 years, the ESOP Association and its member companies have been celebrating Employee Ownership Month every October. It is a celebration of the incredible spirit of employee ownership and an opportunity to educate employee owners about the tremendous benefits fo employee stock ownership plans (ESOPs).
Contact: David Ashton
97 Dexter Road
East PRovidence, Rhode Island 02914