Every October, Employee Ownership Month is celebrated in an effort to elevate the spirit of employee ownership, and Hannibal is pleased to participate this year with making the main theme of The Bundle for this issue. Operating in its 11th year as an employee stock ownership plan (ESOP), Hannibal would like to remind its employees, customers, partners and industry professionals how this company developed into what it is today, and why the company is so proud of what it has accomplished.
“Today, the way Hannibal operates as a successful ESOP is a testament to our employees and the overwhelming support we get from anyone that has ever been a part of a company that is run as an ESOP,” said Blanton Bartlett, president at Hannibal Industries. “Whether we onboard new employees who receive an opportunity to share this benefit or engage in conversation with other companies about employee ownership and what it means for everyone within the organization, we are continually pleased to bring awareness of ESOP to those around us. We are very proud of what we have built at Hannibal.”
Hannibal Industries was formed in 1985 by a group of savvy west coast steel personalities. While Hannibal Industries has manufactured steel products in America for more than 30 years, the modern employee-owned Hannibal known today was formed in 2008 when the company’s President Blanton Bartlett, along with fellow employees Steve Rogers and Heidy Moon decided to purchase the company from Mitsui and Company, which had been a primary stakeholder for more than 20 years.
Bartlett and his small team of employees started the job of securing the financing required to make their dream of company ownership a reality. Through vision, grit and strong leadership, the Hannibal was successful, and in spite of the financial crisis of 2008, the entire company has worked together to create hundreds of American jobs, keeping manufacturing in Los Angeles and rapidly growing the ownership stake in Hannibal for all employees.
They accomplished this feat through creating an ESOP, which spread out ownership to 100 percent of Hannibal’s employees. Since its first full year as an ESOP in 2009, Hannibal Industries’ sales have more than doubled and the company has also expanded to become a national force in the material handling industry.
Not only is Hannibal Industries a pallet rack and carbon steel tubing manufacturer serving its customers in diverse industries for more than three decades, the company is an innovator having received multiple patents.
Hannibal Industries’ Los Angeles, Stockton and Houston facilities provide more than 500 jobs, and the company manufactures and ships approximately 100,000 tons of steel products a year.
Today Hannibal Industries remains owned and run by its resilient and innovative employees and against the odds, have grown equity in their company by more than 500 percent. Hannibal Industries’ employee owners are diverse and yet united in the spirit and tradition of American entrepreneurial success.