Morton Buildings Transitions to Employee Ownership
After over 113 years as a family owned company, we are grateful and excited to announce that we are now 100% employee owned.
This means that virtually all of our employees now “own” the business and therefore have a vested interest in creating extremely satisfied customers! From the construction crews to the sales consultants, to the plant employees, no matter who a customer interacts with, they can rest assured they’re speaking with a proud owner of the company who wants to make sure that the customer is completely satisfied and happy.
Morton Buildings has a long history of entrepreneurial spirit. Being employee-owned means that we will continue our commitment to being the industry leader with a focus on innovation, service, and quality. We have plans to reinvest in the business, making one of the best companies in America even better.
As an employee stock ownership plan (ESOP) is about having a stable, long-term plan for the company, it also ensures the longevity of a company that has already been in existence for over 100 years.
The National Center for Employee Ownership (NCEO) has conducted research that shows that ESOP companies perform better and create more jobs than other non-ESOP businesses. According to its 2016 Employee Ownership 100 list, Morton Buildings will be one of the top 75 ESOP’s in North America, based on number of employees. And we’re looking to increase those employee numbers! Morton Buildings is growing throughout the country and we have many full-time employment opportunities available. Join our team to become an employee-owner too!
Read the full press release below for more information:
May 9, 2017
FOR IMMEDIATE RELEASE
Morton Buildings, Inc. Becomes 100% Employee-Owned Through Employee Stock Ownership Plan to Benefit Customers and Employees
Morton, IL—Morton Buildings, Inc., the industry leader in post-frame manufacturing and construction, announced today that 100% of the company is now owned by its employees. Prior owners sold their shares to the employees’ Employee Stock Ownership Plan (ESOP) Trust, giving current and future employees full ownership of the company. As an employee-owned company, Morton Buildings will continue to operate under its existing business model and management structure.
“This ESOP transaction will have an overwhelmingly positive effect on the company by further strengthening the historical bond among our very capable and committed employees,” said John Russell, President and CEO of Morton Buildings. “Full ownership will not only increase retirement security for our Employee Owners, but will also reinforce their commitment to our loyal customer base. Employee ownership stimulates enthusiasm and changes lives.”
Morton’s ESOP is a qualified retirement plan that can generate significant retirement benefits for Morton Buildings’ 1,700 Employee Owners. It is not uncommon for owners of private companies to sell their stock to an ESOP as a means of handling intergenerational wealth transfers, and for Morton Buildings it was the perfect succession plan. The former owners wanted to share the wealth with the employees who had worked so hard to make the company successful. The result is that Morton’s employees will now own one of the 75th largest ESOP companies in the United States, according to The National Center for Employee Ownership.
Since its inception in 1903 as the Interlocking Fence Company, the company built its reputation by serving customers and empowering its employees. In 1963, when Henry A. Getz became president, the business grew dramatically as he restructured the company around the construction business. Mr. Getz changed the name to Morton Buildings in 1965 and continued to lead the company until he retired in 2002. He was highly supportive of the sale to the employees.
Today, Morton Buildings is the leader in the post-frame segment of the construction industry, operating in 43 states with 103 construction centers and 8 manufacturing plants. Since its inception, the company has been at the forefront of innovation, allowing talented individuals to take risks and pursue ideas to enter new market segments and new geographic areas. The entrepreneurial spirit that shaped what Morton Buildings has become today is not a product of chance, but a result of a management style inspired by Mr. Getz’s leadership. His leadership fostered a work environment where innovation was encouraged and rewarded.
For more information, please contact Brian Haraf, Marketing Manager, Morton Buildings, at Brian.Haraf@mortonbuildings.com.