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).