Inland Tarp & Liner LLC announced that its three sister companies, Inland Tarp & Cover Inc, ITC Services Inc. and Inland Tarp & Liner LLC, have been put into a holding company and sold 90% to an employee stock ownership plan (ESOP) as an additional retirement plan for employees, and 10% to a charitable trust supporting various 501c3 charities with 10% of the profits year after year.
Our founder, Glen Knopp, recognized that the ESOP was the best way to continue to provide our customers with the quality and service they deserve, our ability to stay involved with our communities and preserve our unique company culture. The ESOP will benefit the employees who have faithfully served our customers for many years through the annual distributions of stock from the ESOP.
Glen Knopp said, “We have always said how we do business is more important than the business we do. We care about our employees, our customer and vendor partnerships, and the communities we live in. This ESOP preserves the direction and purpose of the company while integrating employee ownership into the company’s culture.”
Knopp will continue to serve as board chair and chief visionary officer. Freddie Prado will continue as general manager of ITC Services, and Carl Poteete, a 30-year veteran of high-growth companies, will continue as chief executive officer.
The businesses will continue to operate as they have in the past with the same core values, high quality standards, timely delivery, excellent customer service, and competitive pricing, yet now with a new owner: the employees.