State Representative Kerry Benninghoff (R-Bellefonte) presented Restek with a resolution on Oct. 3 declaring October “Employee Ownership Month” in Pennsylvania.
“It’s really an honor as someone who represents you in Harrisburg to assist you with the work you do. Rock on! The fact that you’re world-known is great bragging rights for your state representative and I’m happy to do that.” Rep. Benninghoff said.
Restek is owned by the employees through an Employee Stock Ownership Plan (ESOP). Since becoming 100% employee owned at the end of 2008, Restek has more than doubled in size and its stock value has grown 10-fold—to the direct benefit of its employees.
“We value seeing employee ownership extend to more and more companies throughout the state and creating more businesses like Restek where employees own the company, love working for it, take care of it, and take care of each other.” said Bryan Wolcott, Restek’s president and head coach.
There are currently more than 285 employee-owned companies in Pennsylvania, employing over 306,000 people. They include WaWa, Sheetz, Bradford White Water Heaters, and Voodoo Brewery. Nationally, 5,000 other companies have ESOPs, including Publix and New Belgian Beer.