Rhinelander, WI (September 13, 2016) – AirPro Fan & Blower, a manufacturer of industrial-duty fans and blowers, announced today that it has transferred 100% ownership of the company to its employees via an Employee Stock Ownership Plan (ESOP).
An ESOP is a qualified retirement plan that buys, holds, and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. AirPro Fan & Blower Founder Keith White finalized the sale at the end of July 2016.
“Everyone here has been integral to the company’s success and selling the company to an ESOP enables us to reward them for their initiative and hard work,” said White. “This sale provides additional incentive for the people who are building the business to continue to take it forward because they are owners and personally vested in the company’s long-term success. Also, the employees who call the Rhinelander area “home” will maintain the opportunity to continue living where they have chosen with a good paying job to provide for their families. The ESOP concept is a win-win for all involved in the transaction.”
According to The Employee Ownership Foundation’s 24th Annual ESOP Economic Performance Survey, the majority of ESOP companies showed increases in productivity, revenue, stock value, and profitability, all of which benefit employees.
About AirPro Fan & Blower Company
Founded in 2002, AirPro Fan & Blower Company is an industry-leading fan and blower manufacturer offering a complete line of industrial-duty centrifugal fans and blowers. The company’s products are developed and designed utilizing the latest computer modeling software, built by AWS qualified fabricators, tested and rated according to AMCA 210 standards, balanced to ISO standards, and thoroughly inspected throughout production. AirPro offers both pre-engineered and custom-designed products, including backward inclined fans, backward curved fans, radial tipped fans, material handling fans, high-pressure blowers, and other centrifugal fans and blowers.