Employee Stock Ownership Plan a Success for Manufacturer
Polyguard Products Inc., Ennis, Texas, held its 30th annual employee stock ownership plan (ESOP) dinner, where 17 new employees received their first account statement.
Polyguard’s ESOP is a broad-based ownership plan where employees become owners with no out-of-pocket contribution of their own. The company, which produces self-adhesive protective coatings, is a 100 percent employee-owned ESOP. With more than 100 employee-owners in total, Polyguard currently employs 13 owners who own 1 percent or more of the company. The ESOP began in the mid-1980s after John and Kathy Muncaster bought the company.
Polyguard recently began limited production at its new Corsicana facility, which more than doubles the company’s manufacturing space. Most of its production and shipping will be handled in Corsicana by the end of summer 2017. Polyguard plans on doubling the size of the company by 2021.