Tanimura & Antle contributes $21.7 million to employee stock ownership plan
The family- and employee-owned grower, shipper and marketer of premium branded produce contributing $21.7 million to its Employee Stock Ownership Plan on the one-year anniversary of the company becoming employee-owned. The payment allows the employee plan to allocate shares of stock to each eligible employee valued at nearly 18% of eligible wages earned during 2017.
“Tanimura & Antle was built on a culture of respect, partnerships and relationships with our employees and customers,” says Scott Grabau, the company’s CEO.
The Tanimura & Antle board and senior management wanted to recognize every employee’s hard work and dedication with a significant and meaningful amount. “I cannot think of a better way to maintain and build upon the culture that has made us so successful than by putting the rewards back into the employee’s pockets. This new found ownership will surely benefit the employees, company and customers as the pride of ownership is reflective in everything we do,” says Grabau.
All of the company’s employees are eligible for the contribution but most of it will go to the company’s farm and harvest employees who make up the bulk of its workforce.
“For these employees, such a large start towards a company-sponsored retirement plan, in addition to their preexisting 401(k) plan, is a game changer,” says Grabau. “Labor is, and will continue to be, one of the industry’s greatest challenges.”
Tanimura & Antle is one of the first grower-packer-shippers in the country to share company ownership with all qualified, domestic employees.