Stellar Industries, an employee-owned and operated manufacturer of mechanic trucks and cranes, tire service trucks, hooklifts, roll-off cable hoists, trailers, and service truck and van accessories, is now a 100% employee-owned company.
Stellar established an ESOP (Employee Stock Ownership Plan) in 1991 with employees recently owning approximately 52% of the company’s overall shares.
The transition to 100% employee-ownership will not impact or change Stellar’s day-to-day operations, and President Dave Zrostlik will continue with the company in his current role.
“During the past two decades, our employees have enjoyed many positive benefits of employee ownership,” said Zrostlik. “With an ownership mindset, our employees will continue to work together to increase the company’s value. We believe this change to 100% ESOP ownership will secure Stellar’s success for years to come. That’s good for employee-owners, good for Stellar and good for the communities where we are located.”
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.
“This is a defining moment in the history of Stellar,” Zrostlik continued. “Our employees have always been our greatest asset in our mission to provide equipment and innovations that make our customers more productive.”
Stellar has more than 700 employees throughout multiple locations in Iowa, Nebraska and Pennsylvania.