MILWAUKEE -- Foodservice equipment maker Hatco Corp., with headquarters in Milwaukee and manufacturing facilities in Sturgeon Bay, Wis., has announced that as of May 9, 2007, the company is now 100% owned by the employees.
This is a significant shift from the family ownership of Hatco that existed since it was founded in 1950, the company said.
On October 5, 2004, the owner, David G. Hatch created an Employee Stock Ownership Plan (ESOP) for the employees and placed a portion of Hatco stock in the ESOP Trust for the benefit of [image-nocss] their future retirement program.
Making employees owners in Hatco is my way of recognizing the many great people who have made this company successful, said Hatch. He also said that when the ESOP was ready to purchase the remaining stock
he held, he would agree to the transaction.
On May 9, Hatch sold the balance of his stock to the ESOP and that now makes Hatco 100% employee owned. Hatch will remain on the board of directors and serve as chairman.
Hatco is a manufacturer of commercial foodservice equipment in merchandising, warming, toasting and sanitizing with 12 different product lines. The company employs 300 people in Sturgeon Bay and 75 people in Milwaukee.
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