ATEC initiated a transition to become a 100 percent employee-owned company through the establishment of an Employee Stock Ownership Plan (ESOP). Celebrating its 13th anniversary, ATEC initiated a transition to become a 100 percent employee-owned company. The ESOP will enable the company to continue its strong tradition of providing high quality talent for many years to come.
“We are very excited to be moving into the next chapter of our company’s history in a way that will take our successful business model to a new level. Sharing ownership with employees through our ESOP enhances our strategy of retaining top-talent to serve our customers,” said ATEC President Jeff Heck.
An Employee Stock Ownership Plan (ESOP) is a retirement benefit that enables participating employees to earn shares of stock in a company where they work through a qualified trust fund. Through the company’s new ESOP retirement plan, employees of ATEC will earn shares of stock in the business each year, becoming beneficial owners in the company. Employees who have worked for ATEC for at least one year and work 1000 hours or more in a given year will become eligible to receive ESOP benefits. The transition to ESOP ownership will not change the management or day-to day operations of the business. “We’re delighted that this transition will allow our capable management team to provide an additional benefit to our talented workforce,” noted Heck.
“Our ESOP is a win-win for the employees, our company, and our customers,” explained Heck. “The ESOP will allow us to build high performance ownership culture and focus on the career development and stability of our employees. It provides a smooth transition of ownership while also providing individuals an opportunity to build their personal savings. In a market where there is a shortage of talent, more financial security means that our employees can spend more of their energy on offering our customers a superior level of service.”
For more information visit www.atecsteel.com
