LOS ANGELES--(BUSINESS WIRE)--Over the weekend, Hannibal Industries’ employees from its Los Angeles headquarters celebrated its 10-year Employee Stock Ownership Plan (ESOP) anniversary with the team and family members at the El Dorado East Park in Long Beach.
“Over the life of the ESOP, we’ve yielded a 30% return per year,” said Hannibal Industries’ President Blanton Bartlett. “It’s rewarding to witness how much pride and hard work our employee-owners at Hannibal put in to help build our company; I’m grateful to be a part of this.”
The family picnic hosted several hundred employees and family members with food, drinks, treats, games and prizes. Running from 11:00 a.m. until late afternoon, the picnic included family-friendly contests/activities like: bingo, hula hoop, water brigade, piñatas, soccer-kicking, face painting and bounce houses. During the event, Hannibal employees also had a chance to visit the ESOP booth to claim their bracelets that highlighted the employees’ vesting shares.
ESOPs provide a company’s employees an allocation of shares and is typically held in a trust until the employee retires or leaves the company. According to the National Center for Employee Ownership (NCEO), there are more than 14 million employees associated with nearly 7,000 ESOPs as of January 2018.
For additional information on Hannibal, please visit: http://www.hannibalindustries.com, on Twitter @HannibalRack, on the Hannibal Rack YouTube channel and on LinkedIn. For additional information on ESOPs, please visit: www.esop.org.
About Hannibal Industries, Inc.
Hannibal Industries, Inc., headquartered in the Los Angeles metro area, is a pallet rack and steel tube manufacturer with a diverse product line that enables the company to offer material handling products to the most massive operations in the world. This employee-owned company is the largest U.S. manufacturer of steel pallet rack west of the Mississippi River.
The company’s industry leading product offering includes TubeRack, Structural Pallet Rack, Roll-Formed Selective Pallet Rack, Hybrid Systems, Cantilever Systems, Pushback Systems, Pallet Flow Systems, Case Flow Systems, Drive-In Systems and shelving. Engineering and design services offered by the company include: system design; seismic engineering; permit administration; in-house installation and custom fabrication. A true innovator, Hannibal Industries was awarded a patent in 2006 for a pallet rack system adjustable safety restraint, and a patent for its TubeRack in 2015.