ESOP-Owned Company MEC Goes Public
On May 9, shares of the metal fabrication company Mayville Engineering Company (MEC) began trading publicly on the New York Stock Exchange as company CEO Bob Camphuis rang the market's opening bell. The MEC ESOP had owned 100% of company shares from 1985 up until the initial public offering, and ESOP participants will retain their shares.
Camphuis said ""Employees continue to have a stake in the company... The only difference is, now there's a public market [for the price] versus an annual valuation process," in an interview with Yahoo! Finance.