Sullivan Tire Sells Business To Employees In Stock Ownership Plan

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NORWELL, Mass. (WBZ NewsRadio) — Sullivan Tire and Auto Service is rewarding the employees that helped make it a success.

The family that owns the Norwell-based company is selling the business to its nearly 1,500 employees through a new Employee Stock Ownership Plan, the company announced Friday.

"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."

The ESOP will be in addition to all other benefits offered to employees and include the company's real estate; the chain has 79 retail locations across New England.

Robert Sullivan and Paul Sullivan will remain with the company in their current roles as Chairman of the Board and Vice Chair, respectively. Joseph Zaccheo will continue as President and CEO of the company.

Sullivan Tire has been operating in New England since 1955.

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