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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. An ESOP is a "qualified" defined contribution employee benefit plan that buys the stock of the company. It is very similar to a 401k plan except that the stock in the plan is Gear Motions Stock (Nixon & Oliver). ESOPs began in 1974. There are over 11,000 ESOP companies today who employ over 8 million people.
Sam Haines believes an ESOP will give employees the opportunity to contribute to the company's success AND reap the benefits. Even more important to the employees and the community; the company stays right where it is. In addition, Sam says, an ESOP gives the company some important competitive advantages. One is "Employee Owners" and another is significant tax advantages. When asked "why implement an ESOP," Sam commented "three reasons." continued...
Nixon Hosts Open House for new Employee Owners: On a beautiful fall day the new GMI Owners brought their families and friends together for a nice luncheon and to see what $4 million in new technology (And the FIRST Stock Certificate!) looks like as Owners!! Thanks to all the folks from Buffalo that made the trek!!