On June 10, Mike Adams, Moog Music Inc. president/CEO, stopped production in the factory and gathered the employees for an impromptu meeting. Adams began by saying, “I called you all here to let you know I sold the company.
After a brief silence, he continued, “The good news is I sold it to all of you.”
Moog Music Inc., the electronic musical instrument company founded by the late synthesizer pioneer Dr. Bob Moog, announced that as of June 6, 2015, Moog Music Inc. is an employee-owned company.
“The employees at Moog Music Inc. are what make this company successful,” said Adams. “I feel the best way to recognize their passion and hard work is to give them ownership.”
Adams’ decision is in line with the vision of Dr. Moog, who wanted the company to not only be a place that took care of its employees and their families, but also rewarded their hard work by sharing in the company’s financial success.
Said Dr. Ileana Grams-Moog, Dr. Moog’s widow, “Bob and I consulted an expert in worker-owned businesses in 2001, but weren’t able to make employee ownership at Moog a reality. Bob would be thrilled that Mike Adams realized this shared dream 14 years later.”
The ESOP (Employee Stock Ownership Plan) will not change company operations. Mike Adams will remain the Moog Music Inc. president and CEO.
Moog Music Inc. has experienced significant growth in recent months and years:
· The company has experienced an average of 18% revenue growth for the past 12 years.
· The company’s YTD revenue is up 46% over 2014.
· Five years ago, Moog Music Inc. had 27 full time employees; today, there are 62 full time employees.
· Moog has increased its production space by 38% in the last fourteen months.
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