Tank Connection to Become an ESOP

April 14, 2015

1 Min Read
Tank Connection to Become an ESOP

Tank Connection (TC) announced it will become an ESOP (employee stock ownership plan) in April.

“We have been working on this employee opportunity for some time,” said founding partner and company president, Bill Neighbors. “In our business, we are driven by dedicated employees and our continuous improvement culture. Becoming an employee-owned company is just the icing on the cake.”

In 2003, three founding partners started a company focused on storage tank solutions. Today, TC is the largest global supplier of bolted steel tanks for liquid and dry bulk storage applications. The company maintains five tank manufacturing facilities and more than 420 employees dedicated to designing, manufacturing, and field-installing above-ground storage tank systems. All of its storage tank products are manufactured in the U.S., with shipment and installations worldwide.

“The management group at TC could not be more excited to roll out this next stage of company development,” said Neighbors. “In essence, the company stock will be purchased and held in a trust, where the employees are the beneficiaries. This additional retirement benefit holds extraordinary potential and further enhances the company’s 401k, bonus and profit-sharing programs that are already in place. The exciting part is that the ESOP benefit comes with no out-of-pocket expense to our employees. As we move into the future, the focus of our employees won’t change, but the mindset of our team will be as employee owners.”  

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