Community Chat

[Marp2]

ASHEVILLE — The world’s largest hotel keycard maker became an employee-owned company on Thursday, a move that will shield it from some taxes and give its workers a chance to share in profits.

The owners of Plasticard Locktech International told the company’s 320 workers about the deal Thursday in a meeting at UNC Asheville.

Employees stand to profit if the company continues to be successful and the move to employee ownership will cost them nothing.

The company is buying its stock and putting it in a trust for the workers, said Peter Krauss, PLI’s chief of sales and marketing. Employees are fully vested in 6 years and can turn the stock into cash if they leave the company.

The stock allocation is based on pay and tenure, with those who have been there the longest getting more.

Workers learned Thursday that the company has been putting stock in the trust for them since last year. With the announcement at UNCA, they immediately became owners.

“It’s really like a 401k on steroids,” Krauss said.

http://www.citizen-times.com/article/20140123/NEWS/301230056/Asheville-key-card-maker-becomes-employ...

[dmod nj]

Thanks for sharing that story, Marp. Will check out the link.

[rondell]

What a great story! This really makes me feel good for these employees. A great company to work for, without a doubt. Thanks, Marp.

[mgm2]

yaaaaaaaay

[PIT-HAG Melissa]

Yes..I would LOVE more of the positive stories!!

[Lila Belle]

Ashville is a beautiful city. Isn't it called the SF of the South ?

This is a great story !

[Deb1010again]

Great article, Marp! Thanks for sharing

[sylviahomeatlast]

So absolutely wonderful for the employees

[Feline Fine]

Awesome! Thanks, Marpy. 8)

[Yardlie]

Wow...I never had an employer who was that thoughtful or concerned about the employees!