Over the weekend, Hannibal Industries' employees from its Los Angeles headquarters celebrated its 10-year Employee Stock Ownership Plan (ESOP) anniversary with the team and family members at the El Dorado East Park in Long Beach.
"Over the life of the ESOP, we've yielded a 30% return per year," said Hannibal Industries' President, Blanton Bartlett. "It's rewarding to witness how much pride and hard work our employee-owners at Hannibal put in to help build our company; I'm grateful to be a part of this."
The family picnic hosted several hundred employees and family members with food, drinks, treats, games and prizes. Running from 11:00 a.m. until late afternoon, the picnic included family-friendly contests/activities like: bingo, hula hoop, water brigade, piñatas, soccer-kicking, face painting and bounce houses. During the event, Hannibal employees also had a chance to visit the ESOP booth to claim their bracelets that highlighted the employees' vesting shares.
ESOPs provide a company's employees an allocation of shares and is typically held in a trust until the employee retires or leaves the company. According to the National Center for Employee Ownership (NCEO), there are more than 14 million employees associated with nearly 7,000 ESOPs as of January 2018.