The employees of Malco Tools now own a majority of the company.

The sheet metal works toolmaker announced Jan. 15 that the company’s employee stock ownership plan now control three-quarters of the company.

“Malco Products will be almost 75 percent ESOP-owned and Malco will be controlled by the ESOP” said company President and Chief Executive Officer Mardon Quandt. “This is the first time, in our 65-year history, that the family of Malco’s founder Mark Keymer is not in control of the company.”

Malco Products was founded in 1950 Mark W. Keymer, then a steel supplies salesman. He started by selling a hand tool for crimping metal during ductwork fabrication designed for the then-new forced air furnaces introduced to the HVAC market after World War II. Today Malco makes tools for a variety of industries, including metal roofing and auto-body repair.

“The Keymer family has generously given Malco associates an incredible opportunity to become owners of the company that we work for,” Quandt said. “Paul and David Keymer also gave us a generous surprise gift by taking less than the fair market price offered for their shares. They did this because they didn’t want to burden Malco with a heavy debt and because the current tax exempt income that an ESOP enjoys would help Malco pay down the ESOP loan.”