FARMINGTON, N.Y. — Sister companies New Energy Works and Pioneer Millworks, based in Farmington, New York, and Portland and McMinnville, Oregon, becomes 100% employee-owned as an ESOP (Employee Stock Ownership Plan).

From their design studios, production shops, and mills in New York and Oregon, New Energy Works designs, crafts, and builds sustainable timber frame custom homes, commercial buildings, and high-performance enclosures throughout North America. Pioneer Millworks is a manufacturer of reclaimed and sustainable wood flooring, paneling, siding, and decking for the building industry.

Leadership changes were also announced. Founder/owner Jonathan Orpin will remain CEO of the companies, and Eric Fraser will serve as COO & president. The company said the leadership moves were years in the making. The companies have also restructured leadership roles as they transition from single ownership to employee-owned with the formation of a C-suite and ESOP board of directors, as well as governance changes.

"I've long said what makes the ESOP a good fit for us is that our folks have always had an ownership mentality," said company founder Jonathan Orpin. "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."

An ESOP is an employee benefit plan that enables coworkers as a group to own interest in part, or all, of a business in the form of shares of stock. It is also a type of Trust that acts as a retirement plan, similar to a 401K, by investing in company stock and holding its assets in the Trust for employee-owners.

"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," Jonathan explained. "I hope more business owners consider it."