Sign In
Upcoming Event
Free Newsletter
New Energy Works, Pioneer Millworks convert to ESOP
New Energy Works, which designs, crafts, and builds sustainable timber frame custom structures, and subsidiary Pioneer Millworks are now ESOPs (photo provided).
New Energy Works, which designs, crafts, and builds sustainable timber frame custom structures, and subsidiary Pioneer Millworks are now ESOPs (photo provided).
New Energy Works, Pioneer Millworks convert to ESOP
New Energy Works and Pioneer Millworks have become employee owned through an Employee Stock Ownership Plan (ESOP).
With facilities in Farmington as well as Portland and McMinnville, Ore., New Energy Works designs, crafts and builds sustainable timber frame custom homes, commercial buildings and enclosures.
Pioneer Millworks, also based in Farmington and McMinnville, manufactures reclaimed and sustainable wood flooring, paneling, siding and decking for the building industry.
Founder Jonathan Orpin will remain CEO of the companies and Eric Fraser retains his roles as chief operating officer and president.
“I’ve long said what makes the ESOP a good fit for us is that our folks have always had an ownership mentality,” Orpin said in a news release. “I’m excited to make this transition in a democratized workplace with my coworkers, which has long been a goal of mine, but especially now as employees are increasingly seeking greater equity in the workforce.”
“As a way for founders/owners to form a succession plan for their businesses, choosing to transition to an ESOP so employees can carry the business into the future is a very progressive and thoughtful option with proven success rates,” Orpin said.
[email protected]/(585) 653-4020
"
