Congressman David Young Visits PPI Manufacturing

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)

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Congressman Young At PPI

Brainstorming at the Barnstormers

ESOP Association member Jeff Gelburd at Murray Securus in Lancaster, Pennsylvania recently shared the following news with the Association:

“Leaving off from a similar meeting at Restek Corporation last March, Murray Securus hosted a roundtable discussion in July 2015 at Clipper Stadium, home of the Lancaster Barnstormers, an International League Baseball Club.

“Below is a photo taken after our meeting. Attending were, from left to right, Chris Fitterling of Bollman Hat Co., Judy Stoner of Murray Securus, Walter Van Nuys of LB Water Co., Lori Townsley of Murray Securus, Brian Bledsoe of HB McClure Co., Leah Scarsella of Murray Securus Matt Pfeiffenberger, of Murray Securus, Mike Shuey and Pete Rose of Restek Corp., and Jeff Gelburd of Murray Securus.

“Our discussion centered on the balls and strikes of communicating the ESOP within our respective companies and developing a more robust employee ownership culture.

“After the two and a half hour meeting, we then took in a game to see the Lancaster Barnstormers take on the Rockport Blue Fish.

It was a fun night for us all.”

Brainstorming at the Barnstormer 1

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Brainstorming at the Barnstormer 2

August 2015 Link List

2015 Employee Ownership Month Poster Available

2015 Employee Ownership Month Kit Available!

ESOP Association President Visits Omni Cable

ESOP Company News Part 7: Congressman Reid Ribble Visits Hatco Corporation

Moving to the Offense. Touchdown for ESOPs on the Horizon?

ESOP Company News Part 6: ComSonics Meets with Congressman Goodlatte

August 2015  ESOP Report Published

ESOP Company News Part 5: Restek Meets with Congressman Glenn Thompson

August 2015 Outside Board Registry Available

ESOP Company News Part 4: PPI Meets with Senator Joni Ernst

ESOP Company news Part 3: Travel and Transport Meets with Congressman Ashford

ESOP Company News Part 2: Representative Grothman Visits Priority Sign

ESOP Company News: Omni Cable Celebrates Vesting Day

ABCs of ESOPs — Are You an ESOP Guru? Be One!


ESOP Association President Visits Omni Cable

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.

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ESOP Company News Part 7: Congressman Reid Ribble Visits Hatco Corporation

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.

Hatco Ribble Visit 1

Hatco Ribble Visit 2

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ESOP Company News Part 6: ComSonics Meets with Congressman Goodlatte

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.

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ESOP Company News Part 5: Restek Meets with Congressman Glenn Thompson

Restek Meets with Congressman Thompson

In July, the employee owners of Restek Corporation, located in Bellafonte, Pennsylvania, met with Congressman Glenn Thompson (PA-5) to review H.R. 2096. According to Restek employee owner, Mike Shuey, the Congressman expressed support for the bill. And we are happy to report that Congressman Thompson became a co-sponsor of H.R. 2096 on July 28.

Restek Thompson meeting

ESOP Company News Part 2: Representative Grothman Visits Priority Sign

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.”

Welcome Banner - Priority Sign

Welcome Building - Priority Sign

Talking With Employees 2 - Priority Sign

Conference Room - Priority Sign