Local instrument manufacturer Moog Music announced that it is now employee-owned, with workers sharing in company profits.
Press release from Moog Music:
As the New York Times reported, Mike Adams, Moog Music Inc. President/CEO, stopped production in the factory on Tuesday afternoon and gathered the employees for an impromptu meeting. Adams began by saying, “I called you all here to let you know I sold the company.”
After a brief silence, he continued, “The good news is I sold it to all of you.”
Moog Music Inc., the electronic musical instrument company founded by the late synthesizer pioneer Dr. Bob Moog, is proud to announce that as of June 6, 2015, Moog Music Inc. is an employee-owned company.
“The employees at Moog Music Inc. are what make this company successful,” said Adams. “I feel the best way to recognize their passion and hard work is to give them ownership.”
Adams’ decision is in line with the vision of Dr. Moog, who wanted the company to not only be a place that took care of its employees and their families, but also rewarded their hard work by sharing in the company’s financial success.
Said Dr. Ileana Grams-Moog, Dr. Moog’s widow, “Bob and I consulted an expert in worker-owned businesses in 2001, but weren’t able to make employee ownership at Moog a reality. Bob would be thrilled that Mike Adams realized this shared dream 14 years later.”
Quite simply, this wonderful opportunity would not have been possible without the support of our loyal customers. You have been with us for over 60 years, and for this we thank you from the bottom of our analog hearts.
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