Supplier News - March 2012
Effectively, the ESOP is a qualified retirement plan which, based on company performance, could generate significant retirement benefits for Spinnaker's approximately 250 employee owners.
Commenting on the announcement, Louis A. Guzzetti, Jr., chairman and CEO of Spinnaker, said, "This transaction will give our employees a financial interest in the success of the business, making the positive bonds between Spinnaker teammates even stronger than they are today. It represents a very tangible way to reward those who have played the critical role in Spinnaker's success since we purchased the assets of our predecessor company out of bankruptcy in 2002. Today, we are a robust competitor in the pressure-sensitive industry, based primarily on our customer-driven culture that places service at the top of our priority list. Delivering unparalleled service requires great employees who are focused and dedicated to the business at hand. That clearly describes our team."
