Pitts Enterprises, Inc. and its divisions, Dorsey Trailer, Pitts Trailers, and Dynaweld Trailers, have adopted an Employee Stock Ownership Plan (ESOP).
Pitts Enterprises, Inc. and its divisions, Dorsey Trailer, Pitts Trailers, and Dynaweld Trailers, have adopted an Employee Stock Ownership Plan (ESOP) that will allow employees to share in the company’s growth and success.
“Owning Pitts Enterprises has been rewarding for me. Now everyone with Pitts can share in the joy and rewards of ownership”, said Jeff Pitts, Chief Executive Officer.
Employee ownership promotes participation and leadership on every level for the more than 375 employees of Pitts Enterprises. As Jeff Preslar, who works as plant manager puts it, “Having ownership in the company means having a commitment to looking at the big picture, even as I focus on everyday details of my role as part of our manufacturing improvement process.”
Basically, the ESOP will operate through a trust which will own stock in the company. Participating employees are beneficiaries of the trust. When vested employees retire or terminate employment, the trust purchases the employees’ vested stock holdings at fair market value. The net result is to work in a positive environment and share in the company’s financial success.
Pitts Enterprises joins a long line of successful employee owned companies such as Southwest Airlines, Publix Supermarkets, and Gore-Tex. Employee owned companies are renowned as some of the world’s best companies to work for due to their high-involvement employee cultures.
For more information visit www.pittsenterprises.net.