State Representative Kerry Benninghoff (R-Bellefonte) presented Restek with a resolution on Oct. 30 declaring October Employee Ownership Month in Pennsylvania.
“It is companies like this—employee-owned, small companies like this—not big factories that keep us going,” Rep. Benninghoff said. “So, on behalf of myself and the entire General Assembly, thank you for that continued success. Congratulations on behalf of the Commonwealth.”
Restek, like thousands of companies in the country, is an Employee Stock Ownership Plan (ESOP) company, which is a business model where employees own shares of the company. In Restek’s case, the company is 100% employee owned.
“We think employee ownership is one of the most important ownership vehicles in the country. We would like to see it keep growing and this resolution is one way that it does,” said Bryan Wolcott, Restek’s president and head coach.
Each year, ESOP businesses across the country celebrate October as ESOP month. The presentation by Rep. Benninghoff capped a full month of ESOP activity, including Restek’s Culture Fair on Oct. 4, when the company hosted more than 20 internal and external groups and organizations to set up info booths within the company’s atrium and hallways to talk to employees about volunteer opportunities. Employees at the chromatography manufacturer can use up to four hours per month to volunteer during work. The company also hosted educational seminars, a Halloween costume contest, and more to celebrate employee ownership.
These festivities closed an exciting month for Restek, one that included the company’s 32nd anniversary as well as being awarded Company of the Year by The Pennsylvania Delaware Chapter of The ESOP Association. It was the second time Restek won the award.