PTA Plastics, an Oxford custom-injection molder, has turned over full ownership to its 168 workers in Connecticut and Colorado, authorities say.
Owner Ray Seeley said Thursday his decision to share his pie with employees is a reward for their service and loyalty in building the company, one that all but ensures PTA stays Connecticut based.
Workers own the 59-year-old company through an employee stock ownership plan (ESOP) that Seeley has set up.
“We are fortunate to have an incredibly talented and dedicated team who are groomed and ready to lead PTA Plastics through this next phase and beyond,” Seeley said in a statement.
PTA generates about $35 million a year in revenues. Outside of its Oxford facility, its other plant is in Longmont, Colo.