Matthew Townsend, CEO of OCP Contractors, proudly announced the transfer of ownership to an Employee Stock Ownership Plan (ESOP) allowing employees to become shareholders and accumulate tax-deferred retirement wealth from the company’s continued success. This milestone is a major shift for OCP Contractors on its mission to maintain its independence and culture while increasingly building the value of its enterprise.
"I am passionate about the long-term success of OCP. The ESOP was our best choice for succession and setting OCP up for another 50 years of growth," says Townsend.
This news comes in the wake of recent initiatives of the company, including:
- Developing/defining the company’s succession plan.
- Transitioning ownership in a way that benefits employees, customers, shareholders, suppliers, and the communities they operate within.
- Strengthening OCP Contractors’ employee-centric culture while providing a long- term ownership structure for the generations to come.
Townsend added, “There will be no change in management, employees, or operations. We must continue business as usual by serving our customers better than our competitors and operating the business profitably. Our solid performance over the past fifty-plus years has enabled us to become an ESOP.”