TIFFIN, Ohio – Webster Industries, Inc. marked a major company milestone when it hit the 30th year of being an employee stock ownership plan company.
Creating an ESOP plan is only one of the steps Webster has taken to propel itself into a progressive and revolutionary company. This development has had a positive impact on the company since its emergence. Since 1986, Webster became the first engineered class chain manufacturer to be certified to the ISO 9001 quality standard, added an $8 million building expansion and recorded record-breaking sales growth.
“ESOP ownership creates a unique organizational experience,” Andy Felter, president and chief executive officer, said. “There is better accountability, more respect and better communication. These aspects enhance value to our people, partners and customers.”
This industrial chain manufacturer has been providing excellence in a variety of different industries since 1876. The company made the important decision to create an employee stock ownership plan in 1986. This is a program that provides their employees with stock ownership that allows employees to be more invested in a company.
“Being an ESOP company motivates and rewards the employees here at Webster. We are proud to announce such a monumental time in company history,” said Kate Tiell, marketing specialist.
Jack Norholdt became president of Webster in 1956 and in his term as president he began to put plans into place regarding the ownership structure. He was confident that becoming an employee-owned company would be the best for the company’s future.
About Webster Industries, Inc.
Webster Industries, Inc., headquartered in Tiffin, Ohio, is an innovative leader in the engineered class chain, vibrating conveyor and malleable cast iron markets. Since its start in 1876, Webster has evolved into a vertically integrated chain producer for the forest products, food, automotive, cement, beef, grain, asphalt, sugar, dairy, recycling and steel industries. The company now employs more than 300 people nationwide and has facilities in Tiffin, Mississippi and Oregon. Throughout its 139 years in business, Webster’s focus has consistently been on American materials, American labor and American pride. A strong concentration on customer service, based on seamless vertical integration and ensures Webster clients the highest quality products and service in the industry.