ATEC Steel is pleased to announce the establishment of an Employee Stock Ownership Plan (ESOP). Celebrating its 13th anniversary, ATEC initiated a transition to become 100% employeeowned 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,” says ATEC President Jeff Heck.
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 completed 1,000 hours during the first 12 months of employment or during the calendar 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,” notes Heck.
“Our ESOP is a win-win for the employees, our company, and our customers,” explains 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.”
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 retirement plan trust fund. First created in 1974, there are over 6,660 ESOP-owned businesses in the United States, employing over 14.4 million active employee-owners.
Founded in 2006 and headquartered in Baxter Springs, Kansas, ATEC supports a broad array of industries which include Petroleum, Renewable Fuels, Industrial Gases, Power, Mining, Pulp and Paper, Industrial Water and Waste Water, among others. Our services include field welded aboveground storage tanks, pressure vessels, shop welded storage tanks, and steel plate fabrication. Included with these services, ATEC provides product design and development, project management and ancillary work associated with tank projects.