Spinnaker Coating workers own the place

TROY, Ohio (WDTN) - A Troy company has 250 new owners and a new lease on life.

"We can take control of our destiny now. We all do what we do. We do our job well, but you know what I think, it gives you a little bit more pride to know you own the place or part owner the more you contribute, the more you are going to get out of it. We always have it flowing. I think it will just flow that much better," said Dan Potts, employee.

Potts has been with Spinnaker Coating for the last 27 years and says he has seen it through it's ups and downs.

The company manufactures adhesive coated papers. It filed for bankruptcy in 2001. It took a serious hit during the economic down turn in 2008.

Company officials asked shareholders, the bank and employees for help and the employees stepped up by taking a pay cut, essentially saving the company.

That's why CEO Lou Guzzetti says it seemed only right to make the employees owners.

"You needed to find a buyer who would value what we did here which is build an incredible service model and selling to the employee, the trustee representing the employees, we thought that value would be recognized," said Lou Guzzetti, Chairman and CEO of Spinnaker Coating.

The official term for what happened at Spinnaker is an ESOP which stands for Employee Stock Ownership Trust.

It's essentially a retirement plan, but the amount of retirement payments will be based on company profit, giving employees even more reason to want Spinnaker to succeed.