APT is pleased to announce that effective November 19, 100% of the company’s stock has been sold to its employees, through an Employee Stock Ownership Plan (ESOP).
While APT has been privately held by employees since it was founded, as the company has grown the percentage of employees who were also shareholders has decreased. The transition to an ESOP will allow all employees to become owners.
“It has always been our desire for APT to continue the tradition of being employee owned, and the ESOP will help us achieve this goal,” said Tom Pfitzer, President of APT. “The ESOP will enable the continuity of leadership and will not change the way the company operates. The management team is confident that the ESOP will make us an even stronger company.”
Tom and Pete Yutmeyer, Chief Operating Officer, view this as a natural step consistent with their recognition of the contributions of each of their employees in the success of APT, and of their desire to share the rewards of that success. “The reasons for converting to an ESOP are three-fold,” adds Pete. “The ESOP is the best way to provide for future company stability; ensure a smooth long term leadership transition; and share the financial rewards of ownership to our employees.”
Both Tom and Pete plan to continue on in their roles for the foreseeable future. “We still have a lot at stake both emotionally and financially, and we plan to stay around for some time” said Tom. “I’m thrilled for our employees; adding this element to our culture where our employees contribute in significant ways every day, and the future couldn’t be brighter.”