(WFRV) – The Steinhafels family announced that it has sold all of its stock to an Employee Stock Ownership Plan (ESOP), which makes the company 100% employee-owned.
Steinhafels associates will participate in ownership of the company through the ESOP. The ESOP is a long-term retirement benefit plan where associates are granted shares of the company annually, according to officials.
Steinhafels will remain a ‘family-led’ company and Andrew Steinhafel will serve as President.
The structure and day-to-day operations of our business will remain exactly the same, but as an employee-owned company, the success of Steinhafels is directly tied to the efforts of the employee-owner associates more than ever before”, says Andrew Steinhafel.
Steinhafels has more than 550 associates and 16 locations in Wisconsin and northern Illinois.