Tullis Russell
Tullis Russell Group has been employee owned since 1994 and is a successful papermaking, coating and converting company based in Markinch, Fife.
The group manufactures high quality printing grades and specialist papers through its two companies, TR Papermakers and TR Coaters, which operate from two manufacturing sites in the UK and one in South Korea.
Founded in 1809, the company was family-owned for 176 years. The first employee share scheme was introduced in 1985 and in June 1994 there was a management-led employee buyout. Most of the third generation Russell family had their own business interests and were keen to sell their shares, but they wanted the company to stay independent.
Geoff Miller, Tullis Russell Group Finance Director, was part of the team that facilitated the employee buyout and has since been instrumental in developing the company’s employee ownership structure and ethos.
He explained:
“The benefits of being employee owned include a well informed workforce who are engaged in the business at all levels. Our participative management approach ensures that everyone affected by decisions is well versed on the reasons behind them and everyone is encouraged to play their part in taking the business forward to meet the challenges we face.”
Tullis Russell offers shares to all employees after a short qualifying period. These are free of charge and everyone receives the same number of shares. In addition, employees can save through the Partnership scheme to buy shares. There's also a cash dividend paid annually.
The group’s Employee Ownership Board, a mainly elected body, represents 730 employees as shareholders. Trade unions, works councils and staff associations represent employees for issues such as pay negotiations and health and safety.
Visit the Tullis Russell website for more information.
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