Swift Spinning, Inc. ("the Company") is pleased to announce that it has sold 100% of the Company's stock to an Employee Stock Ownership Plan ("ESOP") as of October 24, 2013. An ESOP is a federally regulated retirement plan under ERISA that invests in the stock of an employer on behalf of its employees. Under the plan, eligible employees will earn shares of the Company's stock over time. As a result of this transaction, there will be no changes in the company's management, client services, operations or business strategy.
Swift Spinning has been in the textile industry in Columbus, GA since 1906 manufacturing high-quality 100% cotton ring-spun yarns for the hosiery, niche/specialty weaving and knitted apparel markets. The company has approximately 300 employees all located in Columbus. Management believes it is the talent, commitment and passion of our people that drive the success of the Company. The ESOP allows the Company to acknowledge the employees' contributions to the Company's success by investing more deeply in our employees. Further, management feels that the employee ownership will be a meaningful competitive advantage for attracting and retaining talent in the manufacturing environment.
Research has shown that an ESOP has an overwhelmingly positive effect on the company, fostering an environment in which everyone understands his or her role in helping the company achieve its bottom line. The result, on average, is stronger companies, more innovation and more jobs.
"It is extremely rare for a manufacturing company to be in business for more than 100 years. In addition, it is even more unique for that company to have remained in the same city and produced the same product for those 100 plus years" said Trey Hodges, President and CEO. "This would not be possible without the hard work and dedication of our employees. I am glad to see that this gives us the ability to keep the business in Columbus and the opportunity to reward those employees who have contributed to our success. I believe this is a win-win situation for all the employees, the local community and, of course, our customers."
