CLAMPCO NEWS

Clampco Products Inc., a global leader in manufactured joining solutions, announced today it is now 100% employee-owned through its Employee Stock Ownership Program (ESOP).

When it came time to transition the company to the next phase, Jim and Linda Venner, Clampco’s founders and owners, had very specific goals. They wanted to keep the success of the company going while taking care of the employees and the community. After reviewing a number of options, putting the future in the hands of the employees became the obvious choice.

“The success we have enjoyed over the years has been because we brought in the right people and built a strong culture,” said James Venner, Founder and former CEO. “It was vital to us to keep that going.”

“Creating a forward-thinking company that is committed to improving the lives of our employees is what has built our success to date,” said General Manager, Jerry Biagini. Vice President Jason Venner added, “We are extremely proud to be a part of a company where all the employees share in the success without having to worry about outside influences.”

An employee stock ownership plan is an ownership model for a business where an independently formed trust and outside trustee manages purchased stock in the company and holds those assets in trust for employees. Participants typically earn shares over time and are paid out when the company repurchases shares, typically when someone leaves the company.

“The longer an employee is with us, the more benefit they will see from the ESOP so we believe this will have a positive impact on both our recruiting and retention of employees,” said Jason Venner.

“Clampco’s home is here in Wadsworth, and we will always be a part of this community. The Venners have positioned us for success for the future,” concluded Biagini.