[Congressional Record (Bound Edition), Volume 153 (2007), Part 9]
[Extensions of Remarks]
[Page 12382]
[From the U.S. Government Publishing Office, www.gpo.gov]




COMMEMORATING THE 50TH ANNIVERSARY OF ACME RIGGING & SUPPLY COMPANY IN 
                           UKIAH, CALIFORNIA

                                 ______
                                 

                           HON. MIKE THOMPSON

                             of california

                    in the house of representatives

                          Monday, May 14, 2007

  Mr. THOMPSON of California. Madam Speaker, I rise today to recognize 
Acme Rigging & Supply Company in Ukiah, California, on the occasion of 
its 50th anniversary. Acme has been locally owned and operated for the 
past 50 years, and for the last 18 years has transitioned into a wholly 
employee-owned business while continuing to expand its operations and 
the markets it serves.
  Acme Rigging started out in 1957 as the vision of Pete Dunnebeck, 
when five rigging shops went out of business on the northern California 
coast. Initially, as the sole employee, he took orders, performed the 
assembly, and then delivered the final product to customers. Thirty-two 
years later Mr. Dunnebeck was getting ready to phase out of the 
business when he learned about Employee Stock Ownership Plans (ESOP).
  In 1989, Mr. Dunnebeck sold 49 percent of the business to his 
employees. By 1997, the employees had fulfilled the payoff on their 
shares and approached the Savings Bank of Mendocino County to borrow 
money to purchase the remaining 51 percent. This was the first loan of 
its kind for the local bank, and they put the deal together and agreed 
on a 10-year payback. The employees met that obligation in 9 years, 1 
year earlier than expected.
  Upon the retirement of Mr. Dunnebeck, John Peaslee took the reins of 
the company and has guided an impressive expansion. In 1997, Acme 
Rigging had less than three million dollars in sales. By 2006 that 
number had tripled. The company grew from eight employees to a total of 
29 today. A second location was opened in Sacramento in 2000. Acme 
Sacramento started with four employees and now has 10.
  Madam Speaker and colleagues, there are more than 10,000 ESOP 
companies employing nine to ten million employee/owners in our country. 
Acme Rigging & Supply Company is a superb example of how well employee 
stock ownership plans can work. It is appropriate that we honor the 
successful transformation and expansion of this local, employee-owned 
business on the occasion of its 50th anniversary.

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