Control Of J&L Elevator Components Given To Employees

Elevator parts and equipment supplier J&L Elevator Components of St. Asaph, Wales, U.K., has turned over controlling interest to its employees through an employee ownership trust (EOT), the company announced on June 7. Making the move was driven by the desire to sustain the organization’s independence, the company announced, while providing a means of ensuring succession planning and rewarding the work of the staff by continuing their job security and control of their future. John Harding, J&L Elevator Components’ co-founder, will continue to be actively involved in the organization, while a trust governance board has also been formed to ensure the EOT acts in its employees’ best interests. Co-founder Lynda Harding will be one of three trustee directors. In a statement, the company said the employee ownership will assure that all who deal with J&L will enjoy the long-term future of the company, even as leadership changes eventually take effect.