PTA Plastics Now Owned by Its Employees
President creates ESOP to maintain culture and core values
Oxford, CT and Longmont, CO (April 19, 2012) – One hundred sixty eight people unexpectedly became business owners when PTA Plastics president, Ray Seeley, announced the creation of an Employee Stock Ownership Plan (ESOP).
As Seeley considered his options for the next phase of PTA Plastics, a nationally recognized leader in custom injection molding solutions with current revenues of more than $35 million, sustaining corporate continuity and the tradition of excellence that started nearly 60 years ago was paramount. “Our employees, customers, and suppliers have worked hard together creating tooling and molding solutions for some of the most demanding and noteworthy applications during the last half-century, and there needed to be a plan to continue and build on our successes,” Seeley said.
Seeley ultimately decided not to sell the company and transition control to outsiders. Rather, in an effort to preserve the culture of integrity, fairness and passion that has been the foundation of PTA Plastic’s success and unmatched client service, Seeley sold 100% of his PTA stock back to the company. He set up an ESOP Trust, which has purchased this stock for the benefit of PTA employees, allowing them to take true ownership of their positions within the company.
“We are fortunate to have an incredibly talented and dedicated team who are groomed and ready to lead PTA Plastics through this next phase and beyond,” Seeley said.
“I know Ray had some other options that would have been more of a personal financial benefit, but he chose to form the ESOP to preserve the culture and reward the contributions of his employees,” said Rich Dorans, Vice President of Operations, a PTA employee since 1984. “This was the perfect vehicle to ensure the ongoing success of PTA.”
For Seeley and PTA Plastics the decision to set up an ESOP trust was the solution that supported the greatest good and ensured the company would maintain its Connecticut headquarters. “It provided an acceptable balance between meeting my personal financial goals and keeping PTA and its employees positioned for future success by preserving the culture and core values that have been responsible for getting us to where we are today,” Seeley said.
About PTA Plastics
PTA Plastics is a private company started in 1953 with the vision to bridge the gap between product design and production. Today, we are a recognized leader in plastic injection moldmaking and production molding. As production processes have evolved, so too has PTA Plastics. Our company’s two facilities – in Oxford, Connecticut and Longmont, Colorado – utilize state-of-the-art technology, and skilled staff to run production around the clock allowing us to get finished product to our customers fast and on time. Our staff has extensive plastics experience. In fact, many of our engineers, designers, toolmakers and machine operators have cross-disciplinary experience that allows for more effective design and production. For more information, visit www.ptaplastics.com
PRESS CONTACT: Danielle Cyr Ι Co-Communications Ι 860.676.4400 Ι firstname.lastname@example.org