LEWISTON — Casco Bay Food and Beverage has transitioned its family-owned business into shares held under an Employee Stock Ownership Plan, resulting in a 100% employee-owned company.
Ted Morton, the company’s founder, approved the decision just before the new year, citing his commitment to the employees, customers and communities that this business has come to support.
According to Executive Vice President Niki Morton, “Becoming an ESOP allows us to share our success with these employees, and see them benefit from the company’s prosperity.”
The Mortons also cited the resiliency that ESOP organizations enjoy, being 25% more likely to stay in business and show job growth. They join more than 65 other Maine companies structured as ESOPs, according to a news release from the company.
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