SIGMA Group recently announced their Employee Stock Ownership Plan
(Evansville, IN) February 5, 2020 — SIGMA Group, in Evansville, Indiana, announced January 1, 2020, that the company is moving to an Employee Stock Ownership Plan (ESOP).
The ESOP allows the company’s employees to now begin to accrue ownership in their company through sold shares from current owners, Rob and Renee Palmer. “We are extremely excited to be able to offer this to our employees. We want to be able to provide not only a great retirement benefit but also allow our employees to feel like they can take ownership of the work they do every day. This represents a very tangible way for us to reward those who have been with us over our growth the last 15 years and continue to provide innovative solutions to our customers in the used equipment industry,” Rob Palmer was quoted as saying in the announcement to employees.
Renee Palmer added: “We think this is going to be a great way to retain the already great staff we currently have but also find future employees looking to be a part of something bigger in our community.”
The ESOP will be a supplement to the company’s 401(k) plan, which, based on company performance, could generate significant retirement benefits for SIGMA’s approximately 70 Employee Owners. The formation of the ESOP was accompanied by the purchase of 30% ownership in the company. These ESOP shares will be distributed over time to employee ESOP accounts.
Both Rob and Renee Palmer will continue to play a crucial role in the growth of the company and will continue overseeing the company and the day-to-day operations.
Patrick Johnson, who was the first hire for SIGMA in 2003 and has been in numerous roles within the company, explained his excitement for the ESOP “As the company has grown, so has our commitment to not only our customers but to each other. The creation of this ESOP is a physical way to show how each person’s role in the company has turned into real results. It makes us all excited for the future of SIGMA.”