NASHUA, N.H., Jan. 19 /PRNewswire/ -- Windmill International, Inc. is pleased to announce that it is officially 49% member-owned, under the company's Employee Stock Ownership Plan (ESOP), effective December 31, 2009.
Mr. Rick Manganello, Chairman of the Board of Directors for Windmill, originally founded the company in 1988, intending for it eventually to become an ESOP. Windmill became an employee owned company in 2005, with the goal of ensuring the longevity of the company while maintaining focus on customer service and quality and rewarding membership for exceptional corporate performance.
This past December, Mr. Manganello and his wife, Janet Manganello, sold a percentage of their stock ownership to the employees of Windmill so that they would own nearly half of the company.
"I am pleased and proud that Windmill is a member-owned company," said Mr. Manganello. "Our people do the heavy lifting for our company's customers and it is important they share in the rewards. Since the end of December, 49% of the company is now owned by those who work so hard to make it successful. The founders, who are also member-owners, own the remainder of the company. "
Mr. and Mrs. Manganellos' ultimate goal is eventually to sell the balance of their ownership to the ESOP, enabling Windmill to become 100% member-owned.
"In the not too distant future, we anticipate that the entire company will be owned by those who work in it," he said.
Windmill's CEO, Mr. E.K. Smith, echoed those sentiments in his own words.
"Our proverbial glass is now nearly half-full," he said. "Each and every member-owner has contributed in one way or another to the company's overall success. An ESOP is one of the best ways to reward the employees of a company for a job well-done. This increase in ownership percentage will undoubtedly motivate our member-owners to continue to do great work, with the overall goal of increasing the value of the company even more and reaping the resulting benefits."
About Windmill International, Inc. - Windmill is a veteran-owned business headquartered in Nashua, New Hampshire, USA. Founded in 1988, the company has grown continuously and built an excellent reputation with its customers as a highly efficient and skilled solutions-provider. Windmill's diverse portfolio of capabilities includes: government acquisition and program management, law enforcement and military training, configuration and data management services, logistics support services, systems test and support engineering, international sales and security assistance, technology innovation and software development. Windmill provides solutions to a wide variety of customers around the world. For more information about Windmill International Inc., please visit http://www.windmill-intl.com.
SOURCE Windmill International, Inc.