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

Sumitomo Bakelite buying injection molder Vaupell Holdings

April 24, 2014 7:37 pm ET

Private equity firm H.I.G. Capital LLC of Miami has entered into a definitive agreement to sell plastics processor Vaupell Holdings Inc. to Sumitomo...    More

Zimmer buying Biomet in $13 billion deal

April 24, 2014 4:25 pm ET

Orthopedic device giant Zimmer Holdings Inc. is buying rival Biomet Inc. in a $13.35 billion cash and stock deal, the companies announced April 24.    More

Songwon acquires division of India's SeQuent

April 24, 2014 12:22 pm ET

Songwon Industrial Group of South Korea has signed a deal with SeQuent Scientific Limited, India to acquire SeQuent's specialty chemicals business.    More

Image

China's biggest fuel tank maker getting a US foothold

April 23, 2014 4:41 pm ET

The majority owner of China's biggest fuel tank maker is expanding its global automotive footprint with the acquisition of the fuel tank unit of...    More

Image

How CEO Santi is changing ITW

April 23, 2014 2:48 pm ET

Scott Santi is showing he can do more than just cut costs at Illinois Tool Works Inc.    More

Market Reports

Market Data Book - Rankings & Lists

A one-stop download of Plastic News' exclusive annual lists and processor rankings containing essential data including sales, employees, end markets, materials and more.
EXCLUSIVE EXCEL FEATURE: full mailing address details for available plant locations.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Mold Making and Tooling Review and Outlook 2014 North America

This report provides in-depth analysis of the mold and toolmaking market for North America, including discussions of trends, opportunities, threats, the latest developments in production and labor and equipment trends impacting moldmakers.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events