Palmer Holland Converts to Employee Stock Ownership Plan
This move has reportedly solidified Palmer Holland’s goal to remain an independent specialty chemical and ingredient distributor for the long term.
Palmer Holland recently announced that it has converted to a privately held employee stock ownership plan (ESOP) with an ownership team made entirely of employees. While Palmer Holland was a private company prior to the transition, this move has reportedly solidified the organization’s goal to remain an independent specialty chemical and ingredient distributor for the long term.
An ESOP, similar to a profit-sharing plan, lets a company set up a trust fund and contribute new shares of its stock as a retirement benefit to employees. Palmer Holland reports that this change will make it more independent and dependable in order to further live up to its commitment to customer excellence and unique commercial offerings to global chemical manufacturers.