COLUMBUS, N.Y. — Golden Artist Colors, Inc., a global manufacturer of professional artist paints, recently announced that it has become a 100-percent employee-owned company. This transaction, which went into effect on Oct. 1, concludes a plan put in place in 2002, when the company implemented an employee stock-ownership plan (ESOP) for staff. By May 2010, […]
COLUMBUS, N.Y. — Golden Artist Colors, Inc., a global manufacturer of professional artist paints, recently announced that it has become a 100-percent employee-owned company.
This transaction, which went into effect on Oct. 1, concludes a plan put in place in 2002, when the company implemented an employee stock-ownership plan (ESOP) for staff. By May 2010, employees’ ownership of the company had grown to a majority.
As a fully ESOP-owned company, each share of Golden Artist Colors’ stock is now held in trust by the ESOP exclusively for the benefit of the Golden employees.
“Implementing 100% ownership for staff is very unique and something our family has dreamt about since the company’s beginning,” Mark Golden, company CEO, said in a new release. “Time has demonstrated that companies with 100% employee ownership often see greater productivity, higher profitability, and increased revenue. These successes tend to continue over time, as employees have a vested interest in the sustainability and overall success of the company.”
Golden Artist Colors is a manufacturer of artist-quality materials including colors and mediums for painting in acrylics, oils, and most recently, watercolors. The company has a 100,000-square-foot facility in the town of Columbus in Chenango County and a 45,000-square-foot commercial warehouse and distribution center in Norwich, in the same county. Golden Artist Colors currently employs more than 200 people.
