The employees of Hebron Brick Co. became business owners last month when the company adopted an ESOP, or employee stock ownership plan.
The manufacturer of clay brick and concrete blocks became 100 percent employee-owned Jan. 10 thanks to a collaboration between the business, First International Bank and Trust and the Bank of North Dakota.
The move was made to ensure the North Dakota company remains "viable for generations to come," said CEO Rodney Paseka.
"We believe providing ownership as an employee benefit will lead to greater employee satisfaction, better retention and greater customer service," added President Jeff Laliberte.
Hebron Brick was founded in 1904 in Hebron, N.D. Today, the company owns nine locations in North Dakota, South Dakota and Minnesota.