SG&F sends a hearty congratulations our client, Hannibal Industries, whose strategic and impressive recovery was featured in a recent LA Times article.
Hannibal Industries, a large scale, California-based manufacturing company, became an employee owned company via ESOP in 2008. Then the Recession hit, slashing Hannibal’s revenue in half, and causing a 50% reduction in its workforce. Since then, the company successfully fought for survival, reinventing itself with efficiency, innovation and creative repurposing. It is now on target to exceed its pre-2008 revenues of $100million.
Steve Rogers, Hannibal’s Vice President of Sales believed that Hannibal’s resilience was largely due to the fact that through ESOP, the employees own the company. As a result, they were invested in Hannibal’s success and survival in every sense of the word.
SG&F, commented, “We are pleased to see the Company’s growth for the benefit of the employee owners. Their innovation, strategic approach and commitment demonstrate how ESOPs can be a great succession tool because the employee owners are so dedicated to the success of the company.”
Congratulations to Hannibal Industries, and our best wishes for continued success!