OMAHA, NEB. (Jan. 8, 5:25 p.m. ET) — Injection molder and contract manufacturer Majors Plastics Inc. is now employee owned.
Through a recent expansion of Majors’ Employee Stock Ownership Plan (ESOP), the company’s approximately 500 employees now own 100 percent of the company.
The expansion also gives additional Majors’ employees the opportunity to participate in the plan, according to a news release.
Majors, based in Omaha, has been partially ESOP-owned for several years.
There are about 10,000 companies in the United States with ESOPs; about 4,000 of those companies are 100 percent ESOP-owned, according to data from the ESOP Association, a nonprofit advocacy group based in Washington.
Majors officials did not immediately return calls seeking information.
Majors runs 74 injection molding machines and operates three plants — one dedicated to injection molding and overmolding, one for contract manufacturing and assembly, and one for injection molding and clean room molding — plus a distribution center and warehouse on its Omaha campus. The company has a combined 226,000 square-feet of space.
The company had sales of about $62.5 million in 2011, up from $47.6 million the year prior, according to Plastics News’ survey of North American injection molders.
P&M Corporate Finance LLC was financial adviser to Majors.