The Margaretville Telephone Company (MTC) has completed its transition to 100% employee-ownership making it the first regulated utility in New York to achieve this status.
The closing of the transaction June 7 follows five generations of Birdsall / Roadman family ownership dating to the founding of the company in 1916. The Employee Stock Ownership Plan (ESOP) has been the primary retirement vehicle for MTC employees since its inception in 1985. In 2018, the company completed a secondary phase of the ownership transition with the ESOP gaining a majority ownership share of the company. The June 7 closing culminates a long-term, multi-year plan to complete the transition to 100% employee ownership.
Final regulatory approval was granted by the NYS Department of Public Service in April.
Over the upcoming months, MTC plans to introduce several new service offerings and technology enhancements which are already in their final testing phases. Continued investments in broadband expansion to unserved and underserved regions will remain a top priority for the Company.
