Moog Music Sells Half the Company to its Employees

via The New York Times:

"At the Moog synthesizer factory in Asheville, N.C., on Tuesday, Michael Adams, the company’s owner and chief executive, wanted to share some life-changing news with the entire staff.

'I’ve sold half the company,' he told them.

Anxious silence descended among the tight-knit group, many of whom feel a familial loyalty to the business, which has been likened to Willy Wonka’s factory for electronic musicians.

Then Mr. Adams revealed the buyer.

'I sold it to you,' he said, to a relieved wave of whoops, applause and happy tears, according to employees present.

Siobhan Robinson, a production scheduler who started as an office manager 10 years ago, could only talk through her sniffles and giddy laughs. 'This provides for my family; this is all we have,' she said."

Pictured:

Top: "Employees of Moog Music celebrating the news of an employee stock ownership plan with a toast on Tuesday." Credit Susannah Kay for The New York Times

Middle: "Emmy Parker; Michael Adams, the chief executive, center; and a company lawyer, Bob Deutsch, at the factory in Asheville, N.C." Credit Susannah Kay for The New York Times

Bottom: "Ileana Grams-Moog at the North Carolina factory where Moog synthesizers are made." Credit Susannah Kay for The New York Times

Way to go Moog Music! Be sure to read the full article at The New York Times.