Owners sell Butler County company to their employees
HAMILTON, Ohio (WXIX) - After 35 years of ownership, a Hamilton metal manufacturing business celebrated becoming 100% employee-owned Wednesday morning.
Owners of Matandy Companies, Frank and Joanne Pfirman, converted their three businesses into an Employee Stock Option Plan on Aug. 11, 2022.
“I knew if we were to sell to a competitor or venture capitalist, there was a strong possibility that the culture we all worked so hard to establish would be gone and, in all probability, jobs could be lost,” Pfirman said. “Joanne and I both wanted to make sure that did not happen. This also ensures that Matandy will stay in Hamilton.”
Pfirman founded the company in 1987 in the bedroom of his parents’ home, where he operated the business for many years with just a card table, phone, type writer and a fax machine.
Over the past 35 years, the company has grown from one employee to 110 employees that help process steel, as well as manufacture metals.
“This is a great benefit for our employees,” CEO of Matandy Companies, President of Matandy Steel and Board of Directors member Andy Schuster said. “I have to give Frank credit for choosing this option as a way to secure the future of Matandy and its companies for many years to come.”
Matandy will now be governed by Schuster, Matt Pfirman, President of JN Linrose and President of Lamp Metal Trusses IncAndy Pfirman.
“This is a continuation of the family atmosphere that Matandy has been built upon. We are grateful to each of our team members, and we look forward to a long and prosperous future for the Matandy companies,” Schuster said.
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