ENNIS, TX – Polyguard Products, Inc. recently held its 29th annual Employee Stock Ownership Plan (ESOP) dinner at Winding Brooks Event Venue where 22 new employees received their first account statement.
Polyguard’s ESOP is a broad-based ownership plan where employees become owners with no out-of-pocket contribution of their own. Polyguard is a 100 percent employee-owned ESOP and currently has two ESOP millionaires currently working with the company, and that number is expected to grow in the coming years. An ESOP is a retirement plan which is in addition to the 401(k) and matching contribution already offered by the company. Its value is based on the stock price of the company, which is up 340 percent since 2010. This year’s ESOP contribution is roughly 20 percent of eligible employees’ salaries.
“Polyguard’s ESOP allows us to create a culture based on teamwork and pride,” Polyguard President Shawn Eastham said. “All the employees get a chance to share in the success of the company. Our employees act like owners because they are owners.”
Polyguard, with 23 consecutive years of sales growth, currently employees 12 owners who own 1 percent of more of the company and has over 100 total employee owners.
“Our financial performance has been really good the last few years, but I believe it will be even better in the years to come,” Eastham said. “Our strategic goal is to double the size of the company again by 2020 through acquisitions and organic growth, and we’re well on the way to making that goal a reality.”
Polyguard’s ESOP began in the mid-1980’s after John and Kathy Muncaster bought the company and wanted to build the type of culture where employees have a direct impact in not only their own personal success but also that of the company. [Read more...]