Hytrol Conveyor ESOP gets stake in company

By Bill Bregar
Senior Staff Reporter

Published: March 25, 2013 12:31 pm ET
Updated: March 25, 2013 12:35 pm ET

Related to this story

Topics Mergers & Acquisitions, Financial

JONESBORO, ARK. — Hytrol Conveyor Co.'s Employee Stock Ownership Plan, set up 25 years ago by company founder Tom Loberg and his partner Phil Jones, has purchased shares in Hytrol.

The plan was set up as a company-funded retirement benefit, but did not own shares in Hytrol until Dec. 31, 2012. Hytrol Chairman Robert Jones held a meeting with employees on Feb. 13 to announce the news.

The Loberg family continues to own the majority of Jonesboro-based Hytrol, according to Phillip Poston, marketing manager. The ESOP remains 100 percent funded by the company.

Poston said the company is not disclosing the percentage of stock the ESOP acquired, nor the number of employees in the ESOP.

Hytrol designs and manufactures conveying equipment for manufacturing, warehousing and distribution.

Loberg created the company-funded ESOP to implement the acquisition of stock after his death. He died in 2004.

Hytrol's ESOP is managed by trustees, including Hytrol President Gregg Goodner; Bob West, vice president of corporate development, and Fred Cunningham, a retired 44-year veteran of the conveyor maker.

Ruth Poston, board member a Tom Loberg's daughter, said she was proud to share the news. "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," she said.

Hytrol offers employees several retirement benefits, including the 100 percent company funded ESOP, a 100 percent company funded defined benefit pension, plus the opportunity to participate in a 401(k).


Comments

Hytrol Conveyor ESOP gets stake in company

By Bill Bregar
Senior Staff Reporter

Published: March 25, 2013 12:31 pm ET
Updated: March 25, 2013 12:35 pm ET

Post Your Comments


Back to story


More stories

Image

Ferro acquires TherMark Holdings for $5.5 million

February 26, 2015 12:15 pm ET

Ferro Corp. said it acquired privately held TherMark Holdings Inc., a laser marking technology company, for $5.5 million in cash.    More

Image

Serbia puts Krušik-Plastika up for sale

February 26, 2015 11:39 am ET

The Serbian Privatization Agency has launched the privatization process for local plastics maker Krušik-Plastika. The agency says it is...    More

Image

3i to sell specialty chemicals company Azelis to Apax Partners

February 26, 2015 11:36 am ET

Azelis Holding SA, the specialty chemicals distributor, is being sold by its private equity owners 3i Group plc to another private investment outfit, ...    More

Image

Amut buys Dolci and Bielloni

February 25, 2015 3:41 pm ET

Amut SpA, the Novara, Italy-based maker of extruders, thermoforming machines and plastics recycling equipment, has acquired the Italian company that...    More

Image

Tekni-Plex buying Galazzi pharmaceutical film and tape units

February 25, 2015 3:13 pm ET

Italy's Tekni-Plex Europe NV, a subsidiary of U.S.-based Tekni-Plex Inc., has announced that its plan to acquire Gallazzi SpA's Italian-based pharmace...    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events