Brismarck Tribune: Hebron Brick Company, an area clay brick and concrete block manufacturer, has converted to an employee stock ownership plan, a benefit plan which provides company stock as part of employees' retirement benefits, reports Jessica Holdman.
"I wanted to ensure that Hebron Brick remained a North Dakota company and was viable for generations to come. An ESOP sale ensured both," CEO Rodney Paseka said in a statement.
The sale of the company to the employees was completed on Jan. 10 and facilitated by First International Bank and Trust and the Bank of North Dakota.
The ESOP rewards long-term employees, many with more than 20 years of service, and creates a company culture of ownership and responsibility. Jeff Laliberte, president of Hebron Brick, said he thinks the move will improve employee satisfaction and retention.
Hebron Brick was founded in 1904 in Hebron. Over the past century, the company has grown to nine locations in North Dakota, South Dakota and Minnesota, distributing brick, stone, fireplaces, landscaping supplies and concrete building materials throughout the United States and Canada.