Gear Motions Sees Opportunities with Employee Ownership
SOLVAY — A local manufacturer recently completed its transition to 100 percent employee ownership.
Gear Motions, Inc., which has divisions in Solvay and Buffalo, began the process of becoming an employee-owned firm in 2005 and completed it in December 2010. The company, based in Solvay, had been entirely owned by the Haines family since the 1970s.
ESOP Employee Stock Ownership Plan
On November 17, 2005, the Gear Motions Companies (Nixon & Oliver Gear) took the first step in becoming a 100% Employee Owned Gear Manufacturing company by creating an employee stock ownership program called an ESOP. More>>>
Gear Manufacturing Owners become Accountants!
Not really! However, our ESOP team of gear grinders, and gear cutters, recently attended a training session intended to teach basic understanding of how Financial Statements work and how they connect to people's jobs. John Barrett from Oliver Gear said, "I was really impressed at how much we already understood from our years of seeing our own financials, and how it helped us understand even more of what was being presented"! More>>>
