Press release submitted on behalf of Progressive.

Progressive Components (Wauconda, IL), a leading developer and distributor serving the global injection mold market, has announced it has transitioned to 100% employee ownership through the establishment of an Employee Stock Ownership Plan (ESOP).

Progressive employs 65 team members worldwide, and the ESOP transaction ensures that the company remains American-owned and independently operated while creating a meaningful ownership opportunity for employees.

“This transition is about legacy, stability, and rewarding the people who are building this company,” said Don Starkey, Chairman. “Becoming an ESOP allows employees to directly share in the value they help create every day.”

Under the ESOP structure, employees receive company shares through a retirement trust at no upfront cost. Over time, employees accumulate ownership in the company as a benefit of their employment.

“We’ve worked for decades to provide a positive impact on our industry, our customers, and our team members,” stated Glenn Starkey, president. “It’s now gratifying to envision that impact continuing on for the next chapters ahead.”

Both Don and Glenn Starkey remain in their roles, as leadership and daily operations will remain unchanged. Customers and suppliers should expect the same relationships, service levels, and long-term commitment that have defined the company for decades.

“Employee ownership aligns everyone around long-term growth and performance,” said Peter Friddle, Progressive’s COO. “I am confident that this structure, along with deliberate, well-executed succession planning, will allow Progressive to operate with strength long into the future.”

The announcement was made at the podium of the Plastics News Executive Forum on March 25th, where Progressive received the conference organizer’s Best Places to Work recognition.

About Progressive
Founded in 1987, Progressive Components is an independently operated developer and distributor of componentry and software for the production tooling industry. Progressive’s off-the-shelf standards and exclusive innovations are designed to speed mold builds, reduce costs, and minimize downtime, with availability through direct distribution and authorized dealers worldwide. For more information, visit procomps.com.