Local manufacturer gives company to employees

Local manufacturer gives company to employees
Posted at 10:33 AM, May 03, 2016
and last updated 2016-05-03 15:20:40-04

MILWAUKEE (AP) -- The owners of a Milwaukee-based paper machine manufacturer have delighted their employees by handing them the keys to the 65-year-old company.

The Milwaukee Journal Sentinel reports that Donald and John Baumgartner of Paper Machinery Corp. made the announcement Monday at an employee meeting in front of the company headquarters. The transition to an employee stock ownership plan could eventually put hundreds of thousands of dollars into the retirement accounts of some longtime workers.

In order for the employee owners to realize the maximum benefits, the company will have to remain profitable and meet its goals.

Paper Machinery makes machines used to produce cups and containers for brands such as McDonald's and Starbucks.

The company employs about 250 people and posts more than $100 million in annual revenue.