October 17, 2007 -- COLUMBUS - Hopkins Printing has announced the formation of an Employee Stock Ownership Plan (ESOP) to recognize its employees' commitment to the company and as a way to advance its sustainable growth.
"As we considered the long-term future of the company and our employees, it seemed right to us that it be sold to our employees rather than to outside interests," said Jim Hopkins, president of Hopkins Printing. "Without the hard work and dedication of our employees, we would not have reached the success we have attained, nor would we have become one of the most award-winning printing companies in Central Ohio.
"What better way for us to reward our employees?"
The plan enables employees to share in ownership and provides them with long-term retirement benefits. An ESOP operates through a trust to which a company sells part or all of its stock. The employees are beneficiaries of the trust.
Hopkins Printing's ESOP joins about 11,000 other ESOP plans operating in the United States. When the transaction is completed the company's ESOP will own 100 percent of the company, and the current management team will remain in place.
"With this sense of ownership and because the company's success will be reflected in the price of the stock the trust holds, the employees will want to see Hopkins Printing stay strong and continue to improve," said Roy Waterhouse, vice president of sales and marketing. "This decision reflects our tradition of caring for our employees and customers, and it increases what we are able to do for them."
The ESOP reinforces Hopkins Printing's goal of providing employees with a great place to work. Companies with ESOPs in place are found, on average, to perform better than their non-ESOP counterparts.