September 24, 2015 • 12:32 pm
Iowa Congressman David Young (R-IA) and his staff member Laura Hartman visited PPI (based in Pella, Iowa – the visit was at the office in Corning, Iowa) in late August. He announced to the employee owners there that he is considering signing on H.R. 2096.
1st picture – Troy Preston – Plant Manager PPI (camouflage jacket)
2nd picture – Laura Hartman – Congressman Young’s Constituent Services Director, Creston Office (in the middle) and Beth Waddle – Adams County Economic Development Board (on the right)
Filed under: Member Services, TEA Members, Congressman David Young, Iowa, PPI
August 26, 2015 • 10:00 am
J. Michael Keeling, President of The ESOP Association, visited the Omni Cable corporate office, in West Chester, Pennsylvania, on Friday, July 31st. During his visit, he met with the Jeff Siegfried (President & CEO), Greg Donato (Chief Operating Officer), the ESOP Trustees, and a few Committee members to discuss everything ESOP. Omni Cable’s ESOP, the state of ESOPs, what other people are doing, and more. His visit concluded with a tour of the distribution center, guided by Jimmy Moreno (Distribution Center Manager).
Photo from left, Brian VanBuskirk (Omni Cable Controller & ESOP Trustee), Steve Glinski (Omni Cable Chief Financial Officer & ESOP Trustee), Michael Keeling (President of the ESOP Association), Jeanine Bilotta (Omni Cable IT Director & ESOP Trustee), and Jimmy Moreno (Omni Cable Distribution Center Manager)
He left with a nice Omni Cable ESOP goodie bag.
Filed under: TEA Members, Omni Cable
August 25, 2015 • 10:30 am
Congressman Reid Ribble (R-8) visited the Hatco Corporation manufacturing facility in Sturgeon Bay, Wisconsin, on August 11. Congressman Ribble toured the facility and held a very constructive meeting with employee owners discussing what employee ownership has done for the company and for them personally. Congressman Ribble stated his support for employee ownership and committed to reviewing H.R. 2096 (The Promotion and Expansion of Private Employee Ownership Act of 2015) after the visit and that he would consider signing on to the bill after that review.
Hatco is a worldwide designer and manufacturer of commercial foodservice equipment that offers innovative solutions to the foodservice industry. The company has grown steadily through the years by product line expansion and great customer service. Hatco began in 1950 and first became employee owned in 2004. Today Hatco is a 100% S Corp ESOP.
Filed under: Government Affairs, TEA Members, Hatco
August 19, 2015 • 10:15 am
CEMSI, ComSonics Electronic Manufacturing Services Incorporated, located in Harrisonburg, Virginia recently hosted Congressman Bob Goodlatte (R) of Virginia’s 6th District for a tour of the ComSonics manufacturing facility. ComSonics reported that Congressman Goodlatte has always been a strong supporter of employee ownership and he is always willing to take time from his busy schedule to visit with our employee‐owners when he is available.
During his visit, there was time to answer questions and the Congressman shared his views about employee ownership and his ongoing belief that it works. ComSonics employee owners also took the time to discuss H.R. 2096 and asked for his support on the Promotion and Expansion of Private Employee Ownership Act.
ComSonics also provided a letter asking for his backing upon his departure. Within a few weeks the company received a letter from the Congressman noting that he was pleased to inform ComSonics that he had become a cosponsor of the legislation.
Filed under: Government Affairs, TEA Members, ComSonics
August 10, 2015 • 10:15 am
ESOP Association members have been busy advocating for ESOPs. Iowa ESOP Association member, PPI (Precision Pulley & Idler) in Pella, IA, recently met with Senator Joni Ernst to talk ESOPs.
Filed under: TEA Members, PPI
August 7, 2015 • 10:30 am
Congressman Brad Ashford (D) from the 2nd district in Nebraska visited Travel and Transport in early June to meet with employee owners and talk ESOPs. Travel and Transport shared the following photos with us.
Filed under: TEA Members, Travel and Transport
August 6, 2015 • 10:15 am
On June 19, 2015, Wisconsin Congressman Glenn Grothman (R-6) spent over an hour and a half touring the Priority Sign headquarters in Sheboygan, WI and talking with the company’s employee-owners. Rep. Grothman engaged in an informative Q&A session and the company’s owners were great advocates for the use of ESOPs, explaining what the opportunity has meant to them. Before leaving, Rep. Grothman stated that he would sign on as a cosponsor to H.R. 2096 (the Promotion and Expansion of Private Employee Ownership Act of 2015), which he did on the same day.
Priority Sign is a 100% ESOP-owned company that specializes in national sign programs and rebranding campaigns. It is headquartered in Sheboygan, WI, and has seven offices throughout the U.S. They have created thousands of signs for a number of industries nationwide and globally. Their clients include such well-known brands as AIG, T-Mobile, AT&T, Panda Express, BMO, Wells Fargo, Hertz, and Microsoft.
H.R. 2096 cites a number of studies that show how ESOPs outperform non-ESOP companies, particularly highlighting the exceptional contribution to employee retirement assets. Also noted is the fact that currently, companies that qualify for SBA status lose that qualification once they become 50% ESOP-owned. The bill aims to create incentives for S-corporations to form ESOPs and stop the automatic loss of SBA status for small businesses. Specifically, S-corp ESOPs will be given the same tax deferral for sales of employer stock to the plan as C-corps get, they will get deductions for interest on loans that finance purchase of stock by the ESOP, the Department of Treasury will form an office that will specifically serve S-corp ESOP companies, and SBA eligibility will be determined by considering each ESOP participant as “directly owning his or her proportionate share of the stock in the ESOP business concern owned by the ESOP.”
Filed under: TEA Members, Priority Sign