Absolute Machine Tools Is Now Employee-Owned!
Absolute Machine Tools is proud to announce that we are now owned by an Employee Stock Ownership Trust (ESOP)!
Owners Steve & Courtney Ortner sold 100% of their ownership interest to a newly created ESOP, allowing current and future employees to gain a beneficial ownership interest in the Company without any personal monetary investment.
The sale was designed to give back to Absolute Machine Tools’ employees and recognize them as the drivers of the company’s success.
“All of Absolute’s employees are valued,” said company founder Steve Ortner. “Courtney and I could not have done it without their hard work and dedication, and as part of my legacy, I wanted to ensure their personal success.”
Steve Ortner will continue to serve as the company’s President and Chief Executive Officer, managing sales and the company’s day to day operations. The new company structure includes the formation of several departmental strategic planning committees and a Board of Director’s, which will consist of several employees who have the longest tenure. These two internal entities will help to influence future financial and growth decisions for the Company.
The ESOP also serves as an influential retirement program for employees, who upon departure will automatically roll their stock into an IRA.
With the formation of the ESOP, the Ortners aim to preserve Absolute’s 30-year tradition of outstanding customer service through increased productivity and sense of ownership, eliminate income tax obligations to federal and state governments allowing for reinvestment of cash back into the company for future growth opportunities, and retain and recruit top talent.
“From our employees to our customers, this is a win/win for everybody,” Steve Ortner said. “Courtney and I cannot thank everyone enough for not only working for Absolute, but also believing and trusting in us enough to grant us their business over the past 30 years. It was our turn to give back.”