1/29/2018

Senator Visits Niagara Gear to Discuss Employee Stock Ownership

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

U.S. Senator Kirsten Gillibrand will use what she learned at the plant to support legislation encouraging employee stock ownership in the country.

Share

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

Sen. Kirsten Gillibrand, D-N.Y., recently paid a visit to Gear Motions’ Niagara Gear facility in Buffalo, New York. After touring the plant, she held a round-table discussion with employees to hear about their experiences working at a company with an employee stock ownership plan (ESOP).

ESOPs are designed to help workers share in the success of their company. According to the National Center on Employee Ownership, workers with ESOPs tend to have higher wages and benefits, to be four times less likely to be laid off, and to have 2.5 times more in retirement savings than workers without an ESOP. The plans are also said to reduce the risk of businesses suddenly leaving their communities.

Gear Motions took the first step in becoming an employee-owned company in 2005 by creating an employee stock ownership plan. In 2010, Gear Motions completed the sale of the company to its employees, becoming 100 percent employee-owned.

Sen. Gillibrand currently supports two bills that are intended to encourage employee ownership in the United States

RELATED CONTENT

  • Hobbing on a Turning Center

    This manufacturer’s use of live-tool lathes overcomes labor cost in various ways. One of the latest sources of savings involves bringing another operation—hobbing—into these machines. INCLUDES VIDEO.

  • Real-Time Tool Monitoring

    Machine operators have long dreamt of a process monitoring system that detects tool wear, and potentially catastrophic conditions and automatically compensates for changes in tool geometry after resharpening. Now that dream is a reality.

  • Motorcycle Manufacturer Leads Way To World Class Manufacturing

    One core competency that has undergone major change is gear production. Current European law mandates more strict noise control. To meet regulations set forth, Harley-Davidson motorcycles were required to reduce noise output. Anticipating that this would soon become standard in other coun-tries as well, the company modified its transmission to include gear ratio changes and high contact tooth geometry.

Resources