LOS ANGELES, CA--(Marketwired - May 19, 2014) - As Hannibal Industries celebrates its 6th anniversary as an Employee Stock Ownership Plan (ESOP) company, it announces more than 75% of its employees are now 100% vested. Since its first full year as an ESOP in 2009, Hannibal Industries' sales have increased by 20.4% and the company has also expanded internationally.
Hannibal Industries President Blanton Bartlett states, "Our company has come a long way since becoming an ESOP and we owe that to our dedicated employee-owners. They are driven and committed to grow and excel with the company."
According to esop.org, "ESOP companies grow 2.3% - 2.4% faster after setting up their ESOP. ESOP companies that practice participative management grow 8% - 11% faster with ownership plans per year than without it." The website also states, "ESOP employees make 5% - 12% more in wages and have almost three times the retirement assets compared to workers in comparable non-ESOP companies."
For additional information on Hannibal Industries' offerings, visit Hannibal Industries at http://www.hannibalindustries.com/. Connect with Hannibal Industries on Twitter @HannibalRack, the HannibalRack YouTube channel and on LinkedIn.
About Hannibal Industries, Inc.:
Hannibal Industries, Inc., headquartered in the Los Angeles metro area, is a tube and storage system manufacturer with a diverse product line that enables the company to provide turnkey storage systems to the most massive operations in the world. This employee-owned company is the largest U.S. manufacturer of steel pallet rack west of the Mississippi River.
The company's industry leading product offering includes Structural Pallet Rack, Roll-Formed Selective Pallet Rack, Hybrid Systems, Cantilever Systems, Pushback Systems, Pallet Flow Systems, Case Flow Systems and Drive-In Systems. Engineering and design services offered by the company include: system design; seismic engineering; permit administration; in-house installation and custom fabrication. A true innovator, Hannibal Industries was awarded a patent in 2006 for a pallet rack system adjustable safety restraint, and currently has a patent pending for its TubeRack. For additional information, visit www.hannibalrack.com.