Catherwood LibraryILR School

In a move to keep a business local and to stave off closing, the 35 employees banded together to purchase SteelPro Inc. in Rockland, Maine. The company which builds stainless steel tanks used in biotechnology, chemical, and pharmaceuticals has been in the community since 1978 and it was the company?s former CEO who had the idea to have the employees purchase the company. The practice is a new one in the United States, but has been practiced for decades in certain European countries. Employee ownership of the company will have its benefits beyond keeping the company and jobs local, it will provide a great retirement when each employee?s shares vest at age 62.