Swissturn transitions to 100% employee owned
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Ken Mandile, CEO of Swissturn/USA
Swissturn/USA, an Oxford-based Swiss screw machine manufacturer, announced on Monday its full transition to being fully employee owned after the final stage of the process was completed on Dec. 23.
Swissturn began the management transition in 2015 with the Swissturn employee stock ownership plan in which employees purchased 30% of company stock. In 2018, the Swissturn ESOP purchased an additional 19% of the company stock shares, according to the press release.
The company will make annual contributions to the Swissturn ESOP so new shares can be allocated to the employee-owners’ accounts every year at no additional costs.
“The transition to full employee ownership reflects my confidence in the employee-owners of Swissturn and in the management team. Employee-ownership helps to ensure the continuation of Swissturn as a part of our local community and it protects jobs,” said Swissturn CEO and former owner Kenneth Mandile, in a written statement.
Swissturn/USA was founded in 1987 and has approximately 60 employees.
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