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TCW Transportation is now 100% employee-owned.
Officials on Feb. 28 announced that the Nashville, Tenn., company founded in 1948 by Howard George, grandfather of current President Scott George, completed the Employee Stock Ownership Plan on Jan. 1.
The new ESOP transfers 100% of company ownership to TCW employees from Scott George, who will remain CEO.
“The Employee Stock Ownership Plan provides continuity and stability for our TCW family, our suppliers and our customers,” Scott George said. “I have always wanted TCW to thrive for many generations beyond me and to reward those who have helped build it the last 74 years and counting.”
TCW is a multifacted transportation company with 650 employees, of which 500 are full-time drivers. The company operates 350 trucks providing intermodal drayage services, regional logistics and yard management, and it runs an asset-light division.
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“It is an exciting time at TCW as we begin a new ownership model selected to position our company to thrive for many generations beyond the ownership of the George family,” said Gary Cornelius, vice president for business development. “We are grateful to Scott for doing this in a way that provides continuity for our team, vendors and employees, as well as protects the culture and business model we have invested to build.”
With freight demand and competition for drivers and experienced management staff soaring, dozens of trucking companies have raised salaries and benefits to keep its employees. TCW joins a growing list of trucking businesses, including Hudson, Ill.-based Nussbaum Transportation, creating an ESOP to compensate and retain its valued workers. — Transport Topics