Westfield-based IMMI is transitioning its business model to an Employee Stock Ownership Plan. IMMI, which manufactures safety restraints, belts and seating, has operated as a privately held company for more than 60 years.
“It’s our incredible people and culture that has helped drive our value and growth,” said Tom Anthony, IMMI chairman of the board. “To honor our team, this was the only logical choice. This is an exciting way to reward our team members for their innovation, hard work, and dedication. They have always owned it, and now it’s official.”
As an ESOP, eligible employees earn stock in IMMI as part of a designed long-term retirement benefit.
“This is an extremely significant business decision. It further demonstrates the dedication and care the Anthony’s have always had towards our team and company mission,” said Larry Gray, chief executive officer of IMMI. “We bring safety to millions of people around the world every day. The move to an ESOP does not change our leadership or day-to-day operations.”
Gray says the ESOP status will also help the company recruit new talent and retain employees.