Meet the 300+ New Owners of Corken Steel Products

On July 30th, 2021, Corken Steel Products completed the transfer of 100% of the ownership of the company to each of its 300 employees. The vehicle to accomplish this is an ESOP, Employee Stock Ownership Plan. The entire process took close to a year to complete and required a great deal of time and effort on the part of key people on our management team. 

The reasons for this type of ownership change were several. First, it allows the former owners to be able to work and be part of the company. Second, we can continue to operate with all the talented and dedicated employees still in place with minimal disruption to daily activities. Options like selling to a large national company or organization or to a private equity group were never seriously considered as those situations often can lead to major disruptions in the workforce. Third, we think that we have a quality company with a bunch of great people, and we wanted to thank them for all their contributions to the success of the company. Also, we wanted to help ensure that they can continue to work in an environment where they feel valued and can make a difference for the company, themselves, and our customers.

One of our goals was to continue operating the company in a way that neither you or our employees could see or feel dramatic changes. We wanted to be able to support you as before and continue to have your trust.

Thanks to all our customers for all you do and have done for Corken Steel since 1955. The confidence and faith you have given us to be a supplier and partner to you and your company will never be taken for granted.