Family decides to hand over Milwaukee company to employees

MILWAUKEE (AP) - A family has decided to hand over a 65-year-old Milwaukee company to employees through a stock ownership plan.

The Journal Sentinel (https://bit.ly/26NDInx ) reports Paper Machinery Corp. was turned over Monday to employees by the families of Donald Baumgartner and his son John, the company’s owners. The announcement came at an employee meeting in a party tent.

Paper Machinery says it makes machines that are used to create paperboard containers and cups. The company has 250 employees and annual revenue of more than $100 million.

Donald Baumgartner said transitioning “to employee ownership will ensure that Paper Machinery Corporation’s legacy will continue right here in Milwaukee for generations to come.” Shares of company stock will be earned over time by eligible employees under the stock ownership plan.

___

Information from: Milwaukee Journal Sentinel, https://www.jsonline.com