Stellar Industries headquartered in Garner announced it is now 100% employee owned. Stellar established an ESOP (Employee Stock Ownership Plan) in 1991 with employees recently owning approximately 52% of the company’s overall shares. President Dave Zrostlik stated that the company wanted to make this move to benefit everyone.
According to Zrostlik, the ownership program is available to all employees of Stellar Industries.
This will give Stellar a competitive edge when it comes to recruiting future employees and retaining quality workers. Zrostlik is confident this will be needed particularly when the company has strong sales in their products.
The company is a leading manufacturer of high-quality mechanics trucks and cranes, tire service trucks, hooklifts, roll off cable hoists, trailers, and service truck and van accessories. Despite the current economy, Zrostlik says demand is very strong.
According to the National Center for Employee Ownership, research has repeatedly shown that when employee ownership is combined with a high-achieving culture, those companies outperform their peers on multiple measures of performance. Stellar also sees this move as a way to attract and retain the best employees to be part of the community of owners growing the company.
Stellar was founded in 1990 in Garner, Iowa, and has since expanded operations to multiple U.S. locations including Garner, Kanawha, and Mason City, Iowa. Stellar has more than 700 employees throughout multiple locations in Iowa, Nebraska and Pennsylvania. The company is currently hiring for several open positions. To learn more, please visit stellar.com.