Progressive Components Moves to 100% Employee Ownership
Progressive Components Moves to 100% Employee Ownership
https://www.ptonline.com/news/progressive-components-moves-to-100-employee-ownership
Publish Date: 2026-03-27 09:21:00
Source Domain: www.ptonline.com
Progressive Components (Wauconda, Illinois), an injection molding technology and component supplier, has transitioned to 100% employee ownership through the establishment of an Employee Stock Ownership Plan (ESOP).
Progressive employs 65 team members worldwide, and the ESOP transaction ensures that the company remains American-owned and independently operated while creating a meaningful ownership opportunity for employees, according to an announcement.
Source: Progressive Components
“This transition is about legacy, stability and rewarding the people who are building this company,” said Chairman Don Starkey. “Becoming an ESOP allows employees to directly share in the value they help create every day.”
What Is an ESOP?
Under the ESOP structure, employees receive company shares through a retirement trust at no upfront cost. Over time, employees accumulate ownership in the company as a benefit of their employment. ESOPs are the most common form of employee ownership by far in the U.S., according to National Center for Employee Ownership (NCEO). About 6,411 companies have an ESOP, and NCEO estimates an average of 270 more ESOPs are created every year. Private and public manufacturing companies make up 20.1% of all ESOPs, the most of any industry.
“We’ve worked for decades to provide a positive impact on our industry, our customers and our team members,” said Glenn Starkey, president. “It’s now gratifying to envision that impact continuing on for the next chapters ahead.”
Both Starkey executives remain in their roles, as leadership and daily operations will remain unchanged, according to the company, which also was recently recognized as a “Best Place to Work.”
Progressive Components’ has hub locations in North America, Asia and Europe, with a growing number of wholly owned Regional Service Centers.
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