“This transaction will give our employees a financial interest in the success of the business, making the positive bonds between Spinnaker teammates even stronger than they are today,” Louis Guzzetti Jr., Spinnaker chairman and chief executive, said in the statement from the company.
Guzzetti will continue as CEO, the company said. The company today has about 250 employee-owners.
The company makes adhesive-coated paper and film material for conversion by printers and industrial users into labels and decorative materials.
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