Business

The Suter Company marks 1-year anniversary of becoming a 100% employee-owned company

SYCAMORE – The Suter Company, headquartered in Sycamore, recently marked its 1-year anniversary of becoming a 100% employee-owned company, according to a recent announcement.

In Sept. 2020, the company established its employee stock ownership plan, the news release states, which allowed each of the company’s more than 300 employees to participate without any contributions.

“Becoming a 100% employee-owned company enhances our culture and is in complete alignment with our vision and core values,” company president Tim Suter said in a release.

The employee stock ownership program is a retirement plan, similar to a 401(k), where employee-owners accrue shares in the plan over time with the company, according to the release.

Company officials said the plan has positively impacted sales, retention and recruitment.