Acme formed an Employee Stock Ownership Plan (ESOP) in 2007 to ensure the company’s continuation and to reward the efforts of its employees.
1,500 drivers and 250 other employees are part owners of the company. This is an opportunity for the employees of Acme to share in the wealth they help create. Mike Coatney, President, states
“The people of Acme have always been committed to teamwork. Employee ownership allows us to continue this tradition and all benefit from the results. Attracting safe, quality drivers is important to the continued success of Acme. No other trucking company in our market offers employee ownership.”
Following federal requirements, the ESOP operates through a trust which owns the company stock. Employees are beneficiaries of the ESOP trust. The ESOP currently holds 17.5% of the company’s stock. There are no deductions from employee paychecks and no investment of personal savings. The ESOP is in addition to Acme’s 401(k) plan.
The stock value can increase or decrease based on the company’s financial forecast and health. It is in everyone’s best interest to work together to provide superior customer service and to prevent accidents. As a team, we can have a positive impact on Acme’s value.
According to the ESOP Association, there are approximately 11,500 ESOPs in place in the U.S., covering 10 million employees (10% of the private sector workforce). Some of the larger companies include Publix Super Markets, Proctor and Gamble, Sherwin-Williams, and Austin Industries.