Lititz-based ELA Group Inc., an engineering and landscape architecture firm, announced that it has completed the transaction to become 100% employee-owned through its newly formed employee stock ownership plan.
Founded in 1996, the company also has offices in State College and Butler.
“The plan will provide ownership of the company to the employees that build the company and reflects the founders’ goal to ensure a successful future for ELA that will be beneficial to both its employees and clients,” a release explained.
According to the most recent data from the National Center for Employee Ownership, there are 6,482 ESOPs in the U.S. holding assets of more than $1.6 trillion. Employee stock ownership plans motivate employees, increase productivity, improve worker retention, retain local jobs and boost business longevity, ELA Group noted.
Richard L. Jackson, an original partner with the business, said, “ELA Group was founded on the unique premise that our focus would always be on our employees through the culture we created and shared. So, when considering how to appropriately succeed the firm to the next generation, conveying the firm to the employees upon whom the firm was built was the only way to go.”
Paula Wolf is a freelance writer.