Sonnax Industries, an auto parts manufacturer based in Bellows Falls, VT, has been sold to its employees. The previous owners, Tommy Harmon and Rick Fritz, sold 100% of the company stock to an Employee Stock Ownership Plan (ESOP). The company employs about 150 people.
"The ESOP is the ultimate way to reward our employees for their contributions to the success of Sonnax," said Sonnax President and CEO Tommy Harmon. "From now on when customers, suppliers, or other stakeholders are interacting with Sonnax personnel, they will be dealing with an owner."
"The overriding benefit of the ESOP is that it allows employees to participate in the growth and success of the company. Additionally, the ESOP should be instrumental to Sonnax in attracting and retaining the best talent in our industry," Harmon added.
Tommy Harmon will retain his position as CEO of the company, and Harmon and partner Rick Fritz will remain on the company's board of directors. The existing management team will remain in place, and the company is committed to remaining in Vermont, where it will continue as a significant employer in the area.
Sonnax is a diversified supplier of specialized drivetrain products to the automotive and commercial vehicle industries, and to industrial sectors utilizing drivetrain technology. Sonnax is headquartered in Bellows Falls, Vermont and has sales offices and tech centers in strategic locations around the world.