On February 13th, 2013, Hytrol Conveyor Co., Inc. held employee meetings to announce and celebrate details for their employee stock ownership plan (ESOP). Robert Jones, Chairman of the Board of Directors, informed employees of the exciting news that the Hytrol ESOP acquired company stock on December 31, 2012. Hytrol’s late founder, Tom Loberg, alongside business partner and longtime friend, Phil Jones, decided 25 years ago to establish the ESOP for employees as a retirement benefit. While the ESOP was not initially funded with company stock, Mr. Loberg created and maintained the architecture to implement the acquisition of stock at the proper time after his passing. His family continued to support and contribute to the plan after his passing in 2004 and approved the final transaction for the ESOP to become a shareholder.
Vice President of Corporate Development, Bob West walked employees through the plan details and informed everyone that an independent specialist, Enterprise Services, Inc., had been engaged to provide the required advisory services for the ESOP. ESI founder, Scott Miller stated “companies with ESOPs perform better because their employees work to align their actions and attitudes with the principles of ownership.” Hytrol’s ESOP is managed by trustees including Hytrol President, Gregg Goodner, Bob West, and retired employee of 44 years, Fred Cunningham. “Your ESOP is in great hands with the team of trustees announced here today” states Mr. Jones.
Ruth Poston, board member and daughter of Tom Loberg, talked about how proud she was to be able to share this news with everyone. “My dad knew the importance of each individual employee, and he wanted to create an opportunity for you to share in the success of the company for many years to come. I know that he would be very happy to see this plan brought to fruition.” Hytrol offers employees several retirement benefits including its 100% company funded defined benefit pension, its 100% company funded ESOP, as well as the opportunity to participate in a 401(k).
About Hytrol:
Hytrol Conveyor Co., Inc. designs and manufactures innovative conveyor equipment, controls, and solutions for customers with processing, manufacturing, warehousing, and distribution needs. Hytrol’s 27,000 square foot Technology Center is the birthplace for many industry-changing solutions, such as EZLogic® accumulation conveyors and the E24™, a low-voltage, motor driven roller conveyor series. These technologies are complemented by Hytrol’s sortation offerings, the ProSort 400 Elite series high speed shoe sorter, as well as the ProSort MRT series narrow belt sorter. Hytrol's consistent growth is strengthened by its Integration Partner Network, with over 100 locations worldwide. Experience the Hytrol Advantage today!
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For more information please contact:
Phillip Poston
pposton@hytrol.com
870.935.3700
