FOR IMMEDIATE RELEASE:
Sterling Announces Transition to Employee Ownership
Westchester, IL (December 18, 2014) —
Sterling, an industry leader in engineering support services and technical recruitment, has announced the establishment of an Employee Stock Ownership Plan (ESOP). Celebrating its 45th anniversary, Sterling initiated a transition to become a 100% employee-owned company. The ESOP will enable the company to continue its strong tradition of providing high quality talent for many years to come.
“We are very excited to be moving into the next chapter of our company’s history in a way that will take our successful business model to a new level. Sharing ownership with employees through our ESOP enhances our strategy of retaining top-talent to serve our customers,” says Sterling CEO Dolores Connolly.
Through the company’s new ESOP retirement plan, employees of Sterling will earn shares of stock in the business each year, becoming beneficial owners of the company. Employees who have worked for Sterling for at least one year and work 1000 hours or more in a given year will become eligible to receive ESOP benefits. The transition to ESOP ownership will not change the management or day-to-day operations of the business. “We’re delighted that this transition will allow our capable management team to provide an additional benefit to our talented workforce,” notes Connolly.
“Our ESOP is a win-win for the employees, our company, and our customers,” explains Connolly. “The ESOP will allow us to build a high performance ownership culture and focus on the career development and stability of our employees. It provides a smooth transition of ownership while also providing individuals an opportunity to build their personal savings. In a market where there is a shortage of talent, more financial security means that our employees can spend more of their energy on offering our customers a superior level of service.”
An employee stock ownership plan (ESOP) is a retirement benefit that enables participating employees to earn shares of stock in a company where they work through a qualified trust fund. First created in 1974, there are approximately 11,500 ESOP businesses in the United States, employing over 10 million employee owners.
Founded in 1969 and headquartered in Westchester, Illinois, Sterling supports a broad array of manufacturing industries which include Transportation, Heavy Equipment, Food, Pharmaceutical, Medical Devices and IT, among others. Our services include design and integration for high speed equipment, process improvement, facility layout/optimization and product design and development. Recognized by Inc. 5000 as one of the fastest growing companies, Sterling is also a recipient of the 2014 Best of Staffing Client Satisfaction award.