MILTON, WI — Specialty film producer Charter Next Generation (CNG) recently announced it is making all employees owners of the company through a new employee ownership program.
Every current and future employee is eligible for the program. Participation is free, meaning employees are not being asked to invest their money into the company.
“Typically, only investors and top management share in the company’s ownership, but every team member contributes to our success,” said Kathy Bolhous, chairman and CEO. “By sharing ownership more broadly, we’re giving all employees the opportunity to benefit financially from the value they help create. It’s the right thing to do for our people and will help us become an even stronger company in the future.”
The company said its program provides employees with a meaningful stake in Charter Next Generation’s growth.
“We believe business is a team sport,” said Mark Cacchio, vice president of human resources. “Everyone contributes to our company’s success, so everyone deserves to participate in the economic success.”
“If we achieve our financial goals over the next four to five years, the value of ownership would provide a significant payout which could create a more secure financial future for our employees.”
Charter Next Generation is one of the top ten film extruders in North America. It operates 13 manufacturing plants and more than 100 extrusion lines in Ohio, Wisconsin, South Carolina and Massachusetts.
Its Lexington campus is the largest in the country. Located on 140 acres, it includes five plants, an office building and distribution center. The campus employed approximately 725 people as of April.
The company announced earlier this year that it would build another facility in Ontario at the former GM plant site. That facility is expected to create 300 new, full-time permanent jobs between 2022 and 2024.
