Precision Pulley & Idler (PPI) has been selected by the ESOP Association’s Iowa-Nebraska Chapter as the winner of the 2013 ESOP Company of the Year.
The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOP) and the leading voice in America for employee ownership. The Iowa-Nebraska Chapter represents 40 companies in the States of Iowa and Nebraska.
Founded in 1977 and headquartered in Pella, Precision Pulley & Idler provides high-performance conveyor components. The 100 percent employee owned company takes great pride in providing unparalleled customer service. In August 2012, the company became 100 percent debt free, paying off the loan used to purchase PPI from the original owners ten years early. Precision Pulley & Idler achieved record sales and profits in the 2011-2012 fiscal year, for the second year in a row.
“PPI practices a strong commitment to employee ownership and actively engages in The ESOP Association at both the Chapter and National levels.” said Rod Reinertson, Iowa-Nebraska Chapter President. “Precision Pulley and Idler is a leader in the ESOP community and we are delighted to honor them with this recognition.”
Precision Pulley & Idler will compete against a field of ESOP Companies of the Year from The ESOP Association’s 18 other state and regional Chapters for the title “National ESOP Company of the Year.” The winner of this prestigious award will be announced at The ESOP Association’s 36th Annual Conference in Washington, D.C., in May.
The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy.