Hannibal Industries’ employees celebrate collectively owning their company
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.”
