Asheville, N.C.—June 11, 2015: Mike Adams, Moog Music Inc. President/CEO, has announced that he has sold the company to its employees.
Moog Music Inc., the electronic musical instrument company, was founded by the late synthesiser pioneer Dr. Bob Moog.
“The employees at Moog Music Inc. are what make this company successful,” said Adams. “I feel the best way to recognize their passion and hard work is to give them ownership.”
Adams’ decision is said to be in line with the vision of Moog. Dr. Ileana Grams-Moog, Dr. Moog’s widow, said “Bob and I consulted an expert in worker-owned businesses in 2001, but weren’t able to make employee ownership at Moog a reality. Bob would be thrilled that Mike Adams realised this shared dream 14 years later.”
Mike Adams will remain the Moog Music Inc. President and CEO and he has reported that Moog Music Inc. has experienced significant growth in recent months and years with an an average of 18% revenue growth for the past 12 years with revenue up 46% over 2014. The company has grown from 27 full time employees five years ago to the current number of 62
Moog’s synthesisers, processors and other instruments are all still made in downtown Asheville. The company also hosts an annual electronic music festival, called Moogfest.