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KRB Machinery employees celebrate the company becoming 100% employee owned. PHOTO/TODD FALK
KRB Machinery now employee-owned
Listen to this articleWrightsville, York County-based KRB Machinery, a manufacturer of rebar fabrication machinery, has transitioned to 100% employee ownership through an Employee Stock Ownership Plan (ESOP).
“We are excited to announce this important milestone in KRB Machinery’s history,” said Nathan Kauffman, president and CEO of KRB Machinery. “Since 1986, our employees have been a driving force behind our success. By transferring ownership to them, we are recognizing their dedication and contributions to our success and are confident that this will fuel even greater innovation and growth in the years to come.”
An ESOP is a retirement plan that allows employees to gradually acquire ownership shares in the company over time. This provides employees with a vested interest in the company’s success, KRB Machinery said.
“Becoming employee-owned is a really exciting opportunity for many of us at KRB Machinery,” said Dominick Particelli, area sales manager at KRB Machinery. “We are now not just employees, but we are owners. This gives us a real stake in the company’s future, and we are excited to contribute to its continued success.”
