MTI Becomes 100% Employee-Owned Company
Wentzville, MO USA – Marine Technology Inc. is proud to announce that it has become a 100% employee-owned company through the creation of a new ESOP (Employee Stock Ownership Plan). This change sets in motion a strategy for continuing its long-term commitment to its employees and the high-performance boating community.
“We’re excited to become a 100% employee-owned business,” said Randy Scism, president of MTI. “Our company has delivered revolutionary products and services at the forefront of this industry for 26 years. Our new ESOP will sustain our company culture and lasting partnerships with customers and distributors for many years to come. Furthermore, becoming an employee-owned company ensures that MTI will continue to operate under the same leadership for many years to come.”
Marine Technology is one of the leading manufacturers of high-performance boats. “Sharing ownership with employees is a natural extension of how we do business, which has enabled us to become a strong, cutting-edge company. Our employees have helped get us to where we are today and take pride and ownership in their work. Our ESOP is the best investment we can make in each other and in the company going forward,” stated Taylor Scism, vice president of MTI.
Marine Technology joins 6,500 businesses with ESOPs in the United States, employing about 14 million employee owners. According to research compiled by the National Center for Employee Ownership (NCEO), ESOP-owned companies tend to outperform others in their industry, retain employees longer in difficult times and provide an overall higher level of retirement benefits than companies that do not have an ESOP.
“This accomplished two important goals for our company’s future. First, we found a succession strategy that allowed MTI to maintain its current culture and operations. And second, it’s a great way to keep employees focused on long-term company goals while allowing them to build wealth,” says Randy Scism president of MTI.
“We have a strong leadership team in place that demonstrates a high level of skill and integrity upon which the company was founded,” says Michael Yahl, general manager of MTI. “Going the ESOP route allows us to keep growing the business without missing a beat. Our ESOP is the perfect embodiment of our company culture where we all work as a team.”
MTI’s goal is to create an environment where all employee owners, no matter their job, can have a positive impact on the company and their communities.
About COMPANY
Marine Technology Inc. is one of the leading manufacturers of high-performance boats since 1998. MTI employs over 200 people across its two facilities. Its primary product line is high-performance catamarans and center console boats.