DES MOINES, Iowa — TMC Transportation, a private, family-owned company for 41 years, announced Thursday that it will transition to an employee stock ownership plan (ESOP), becoming an employee-owned company.
TMC’s ownership transition to an employee-owned company is the result of CEO and Founder Harrold Annett’s desire to establish a succession plan that maintains the culture of TMC, while rewarding its employees for their dedication.
“I have been approached many times with the opportunity to sell TMC,” Annett said. “What I realized in contemplating selling the company, is that it would result in a change to the culture that we have all worked hard over these years to create. The only way to make sure our culture endures is to put TMC into the hands of the people who take the most pride in our culture. And that is the employees.”
Shares in the company will be distributed to all employees at no cost. Annett will remain the majority owner of the shares.
“TMC employees have always been focused on quality and providing the best possible customer service,” Annett said. “Now, as employee owners they will reap the benefits of their good work as the company continues to grow and prosper.”
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