Idaho-based Diamond Line Delivery Systems Inc. is now entirely owned by its employees.
The “less-than-a-truckload” freight company has about 250 employees across 11 locations in Idaho, Oregon, Utah and Washington. Its corporate office is in Meridian.
“We felt that the employees were a contributing factor to our success, and we wanted to create an opportunity to reward them,” said Calvin Fillmore, who had co-owned the company and now is CEO.
Some of those employees have worked for the company since it started in 2001, he said.
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Diamond Line was 30 percent employee-owned through an employee stock ownership plan, or ESOP, starting in 2010. On Jan. 13, its majority owners sold the company to the ESOP.
“It’s very exciting, because our retirement is all company-funded basically,” because the employees own shares of the company through the ESOP, said Suzie Gonzalez, Diamond Line’s controller. “And we’re a part of it now. What we do directly hits [or] benefits us and makes the company healthier.”
Because ESOPs are nontaxable entities, the company can keep more of its money to use for improvements or wage increases, Fillmore said.