May 19, 2016
Krieg DeVault is pleased to announce that the firm’s Employee Stock Ownership Plan (ESOP) Practice Group has played a key role in Paper Machinery (Milwaukee, Wisconsin) turning over its 65-year old company to its 250 employees through an ESOP. The firm represented client Argent Trust Company who served as the Trustee of Paper Machinery Corporation ESOP.
ESOPs can be very powerful tools for business ownership who are interested in monetizing their investment, while preserving the company’s culture incentivizing employees as the same time. ESOPs have the potential to transfer wealth to employees in a way that is not possible with 401(k) plans. According to the most recent federal tax filings, there are approximately 6,300 ESOPs in the United States covering around 14 million employees.
Since 1985, Krieg DeVault has structured over 500 ESOP transactions for public and private companies nationwide while playing a key role in the development of ESOP law. Our ESOP transactions vary in size up to $1.7 Billion. For more information on Krieg DeVault’s ESOP Practice Group, please click here.
For the USA Today article, please click here.
About Krieg DeVault LLP
Krieg DeVault LLP is a 110-professional, diversified law firm representing a wide variety of local, regional and national clients. It is a business-focused law firm with offices in Indianapolis, Carmel, Mishawaka, and Merrillville, Indiana; Chicago, Illinois; Atlanta, Georgia; Minneapolis, Minnesota; and Boca Grande and Naples, Florida. The firm’s attorneys have significant experience in key areas that address the needs of a diversified client base.