Hannibal Industries’ celebrates fifth year of employee ownership
Hannibal Industries celebrates the five-year anniversary of being 100% employee-owned. Under the Employee Stock Ownership Plan (ESOP), the company has experienced 50% sales growth since the ESOP. “The fact that Hannibal Industries’ employees have a stake in the company has created a unique corporate culture of employees committed to their company’s success,” said Blanton Bartlett, president of Hannibal Industries, Inc. “Hannibal Industries’ employee-owners are a driven team, and I am proud to be among them.” Hannibal Industries’ ESOP was established on March 20, 2008 when company employees, led by Blanton Bartlett, decided that ownership was a great alternative to having the company sold off to an outsider. As a result, employee ownership has created equitable wealth for employees. Research on ESOPs has shown that they build successful, competitive companies that often pay higher wages than non-ESOP companies.