Commercial Tire announced last week that the company is now 100% employee owned.
The tire company has 45 locations across the Pacific Northwest, including a Hermiston store. It has moved to an employee stock ownership plan business model, which allows employees to accrue stock over time from an employee retirement trust.
According to a news release, research has shown the business model is associated with improved employee performance and job stability.
“Selling the company could create unwanted change and instability for the people we care about,” Bob Schwenkfelder, founder and CEO of Commercial Tire, said in a news release. “This transition is about leaving a legacy for our employees and in our communities that will have a lasting, positive impact.”