PHOTO COURTESY MTI

Marine Technology Inc. yesterday announced an employee stock ownership plan that transfers the company to its employees.

“Sharing ownership with employees is a natural extension of how we do business, which has enabled us to become a strong, cutting-edge company,” vice president Taylor Scism said in a statement. “Our ESOP is the best investment we can make in each other and in the company going forward.”

According to the statement, research compiled by the National Center for Employee Ownership indicates that employee-owned companies tend to outperform others in their industries, retain employees longer and provide a higher level of retirement benefits than companies that do not have an ESOP.

“This accomplished two important goals for our company’s future,” said MTI president Randy Scism in the statement. “First, we found a succession strategy that allowed MTI to maintain its current culture and operations. And second, it’s a great way to keep employees focused on long-term company goals while allowing them to build wealth.”

Based in Wentzville, Mo., MTI employs more than 200 people across two facilities. Its product lines include performance power catamarans and center consoles.