Bowling Green's Owl’s Head Alloys has announced the establishment of an Employee Stock Ownership Plan.
The aluminum business, in its 17th year, has initiated a transition to become a 100 percent employee-owed company, according to a new release.
“We are very excited to be moving into the next chapter of our company’s history in a way that will take our successful business model to a new level," Owl’s Head Alloys President David Bradford said in the release. "Sharing ownership with employees through our ESOP enhances our strategy of retaining top-talent to serve our customers.”
Through the company’s new ESOP retirement plan, employees of Owl’s Head Alloys will earn shares of stock in the business each year, becoming owners in the company. Employees who have completed 1,000 hours during the first 12 months of employment or during the calendar year will become eligible to receive ESOP benefits. The transition to ESOP ownership will not change the management or day-to-day operations of the business.
“We’re delighted that this transition will allow our capable management team to provide an additional benefit to our talented workforce,” Bradford said.