SWIFT & STALEY INC. BECOMES 100% EMPLOYEE OWNED
Swift & Staley Inc., a local, woman-owned small business federal government contractor that provides infrastructure support services for the U.S. Department of Energy (DOE) at facilities located in Paducah, Kentucky and Portsmouth, Ohio, is proud to announce that it is now owned 100% by its employees. After approximately a year-long process, the Company recently finalized a transaction in which ownership of the company transitioned to its employees through an Employee Stock Ownership Plan (ESOP) Trust.
For over 20 years, Swift & Staley Inc. has worked closely with the Paducah Area Chamber of Commerce, Paducah Economic Development, labor organizations, federal, state, and local elected officials, and the community colleges to promote a vibrant economy and ensure economic opportunities for small businesses in the western Kentucky region. “I am thrilled to usher in a new era for the loyal employees of Swift & Staley” says Patricia A. Holsapple, the former owner and CEO of the Company. In addition to helping create financial security for employees, the plan is designed to encourage and reward increased employee productivity and efficiency. “We believe this is a wonderful opportunity for the employees as well as the community we serve” says Holsapple. “Research has shown over and over that employee ownership builds successful, competitive companies, and creates economic stability for employees. With the implementation of the ESOP, the company’s goal is to continue growing and to seek opportunities in other markets and sectors” says Holsapple. We are thrilled that the employees will have the opportunity to share in this growth as owners of the business.”