The Sullivan Tire empire will soon change hands to a new group of buyers who are already familiar with the company.
The Norwell-based Sullivan Tire company informed its approximately 1,500 employees Friday that the 68-year-old, family-owned auto service chain had been sold to an Employee Stock Ownership plan.
The new plan will be in addition to all the employee’s current benefits.
Current owners Robert D Sullivan and Paul Sullivan will stay on with the company as Chairman of the Board and Vice Chair, respectively. Joseph Zaccheo will continue as President and CEO.
“We are honored and proud that the future of Sullivan Tire will be shepherded by the people who have all played a role in helping us accomplish the brand recognition that is prevalent throughout New England,” said Paul Sullivan in a statement. “When Bob and Mary Sullivan started the company, they decided that respecting our employees and their families was going to be a key foundation of Sullivan Tire; this ESOP will carry on that belief.”
According to the Boston Globe, “All employees who stay until the end of the year will become members, which gives them rights to a share of the company. They’ll fully vest after six years, and they can redeem their vested shares when they retire, at age 65 or later.”
Sullivan Tire has 79 retail locations across New England.
This is a developing story. Check back for updates as more information becomes available.
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