SOURCE: Hannibal Industries, Inc.
LOS ANGELES, CA--(Marketwired - Oct 25, 2013) - Hannibal Industries announced today that since it became an employee stock ownership plan (ESOP) company in 2008, its share value has increased by 124%. As part of the nationally recognized Employee Ownership month in October, Hannibal Industries gave its first cash payout to an employee today.
"Five and a half years ago when Hannibal Industries was about to be sold by our parent company, we knew we could do better as a company owned by the employees. There is a pride that comes with being an employee owner," said Blanton Bartlett, president of Hannibal Industries. "We are proud to say that after a lot of hard work and dedication to this company and its success as an ESOP, the employees have increased our share value significantly. The company has kept promises to employees, and we have committed to the success of Hannibal Industries together."
At today's celebratory pancake breakfast culminating the Employee Ownership month, Arturo Barajas received a check that represents his payout as a retiring employee. Hannibal has been a stalwart leader not just in its steel products that are used globally by some of the largest companies in the world, but by being an example of financial stability through an ESOP structure.
"Hannibal Industries truly respects the job well done that Arturo demonstrated in his commitment to the company and its goals over the years. We are delighted to be giving this check out today as he moves on to the next phase of his life," continued Bartlett.
Hannibal Industries' ESOP was established in March of 2008. Employee ownership creates equitable wealth for employees, and research on ESOPs has shown that they build successful, competitive companies that often pay higher wages than non-ESOP companies. Additional information on ESOPs can be found on the ESOP Association website here: http://www.esopassociation.org/.
For additional information on Hannibal Industries' complete storage solutions and tubing offering, visit 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.