On 13 April, Tank Connection (TC) announced that the company will become an ESOP (employee stock ownership plan) in April. According to founding partner and company president, Bill Neighbors, “We have been working on this employee opportunity for some time. In our business, we are driven by dedicated employees and our continuous improvement culture. Becoming an employee owned company is just the icing on the cake.”
In 2003, three founding partners started a company focused on storage tank solutions. Today, TC leads the tank industry as the largest global supplier of bolted steel tanks for liquid and dry bulk storage applications. TC maintains five tank manufacturing facilities and over 420 employees dedicated to designing, manufacturing and field installing above ground storage tank systems. All of their storage tank products are manufactured in the US, with shipment and installations worldwide.
According to Neighbors, “The management group at TC could not be more excited to roll out this next stage of company development. In essence, the company stock will be purchased and held in a trust, where the employees are the beneficiaries. This additional retirement benefit holds extraordinary potential and further enhances the company’s 401k, bonus and profit sharing programs that are already in place. The exciting part is that the ESOP benefit comes with no out of pocket expense to our employees. As we move into the future, the focus of our employees won’t change, but the mindset of our team will be as employee owners.”
Tank Connection contributes their industry success to a clear vision, mission and core values that really focuses on their clients. Neighbors states, “We engage our employees to deliver the best storage tank products and services in the industry to fulfill client needs. Our clients and employees are mutually engaged to drive success on every project. It is the perfect partnership that will only become more enhanced as we move forward.”
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/the-americas/14042015/tank-connection-notifies-employees-on-esop-679/