Tanimura & Antle Contributes $21.7 Million to Its Employees Stock Ownership Plan
- by Jessica Donnel
SALINAS, CA - On the heels of its first year anniversary as an employee-owned company, Tanimura & Antle contributed $21.7 million dollars to its Employee Stock Ownership Plan (ESOP). Tanimura & Antle is one of the first grower-packer-shippers in the U.S. to share company ownership with all qualified, domestic employees.
“Tanimura & Antle was built on a culture of respect, partnerships, and relationships with our employees and customers,” said Scott Grabau, Chief Executive Officer. “I cannot think of a better way to maintain and build upon the culture that has made us so successful than by putting the rewards back into the employee’s pockets. This newfound ownership will surely benefit the employees, company, and customers as the pride of ownership is reflective in everything we do.”
According to a company press release, Tanimura & Antles created the ESOP under the leadership of Rick Antle on February 10 2017, to recognize the company’s greatest asset: its employees. Just over one year later, the Board of Directors (including both family and independent directors) approved a $21.7 million dollar first year contribution on behalf of the employees. This first payment allowed the employee plan to allocate shares of stock to eligible employees valued at nearly 18% of employee eligible wages earned during 2017. The Tanimura & Antles Board and Senior Management wanted to recognize every employee-owner’s hard work and dedication with a significant and meaningful amount, the company explained.
Although available to all eligible employees, the majority of the contribution goes to the company’s farm and harvest employees as they make up the lion’s share of the workforce.
“For these employees, such a large start towards a company sponsored retirement plan, in addition to their preexisting 401(k) Plan, is a game changer,” added Grabau. “Labor is, and will continue to be, one of the industry’s greatest challenges. We are proud of the employees who chose to join the Tanimura & Antle family and look forward to adding new employee owners each year.”
For the latest in fresh produce news, stick with us at AndNowUKnow.