3 ms·

I'm guessing this has something to do with how the employees were trying to unionize. RIP Moog, good luck to those employees

• jolux 3y ago
  Moog was actually employee-owned.
  • omnibrain 3y ago
    49% of the company were owned by some sort of employee pension fund.
  • SeanLuke 3y ago
    The majority of the company was not employee owned.
  • lsy 3y ago
    Not really. It's an interesting sidebar how companies use the phrase "employee-owned" to confuse people about who is in charge. Moog had an ESOP which just means the employees held 49% of the shares of stock in the company, as far as I understand without any right to influence operations, which remained fully with the CEO. That's "employee-owned" in the same sense that you "own" my house if you hold securities that are invested in my mortgage, i.e. not at all.
    • jolux 3y ago
      Huh, TIL. Thanks for clarifying!
  • ijustlovemath 3y ago
    Only in a marketing sense. A good friend of mine started a union drive there about a year ago and was met with fierce opposition from management, who proverbially holds the keys to the kingdom. Contract negotiations were ongoing when this happened