McElroy Metal, a family-owned components manufacturer headquartered in Bossier City, La., with 14 manufacturing facilities nationwide, recently announced a structural equity change that should make its employees happy by transitioning to an employee stock ownership plan [ESOP].
Founded in 1963, McElroy Metal has served the construction industry and extended the company’s market reach from its headquarters in the Shreveport, La., metropolitan area to now include 27 service centers and 45 Metal Mart locations nationwide.
After three generations being family-owned, company president Ian McElroy has extended the family to include the employees who have helped make the concern successful, the organization said in a release.
“The one constant trait during our 60-year history is the influence and support of employees,” McElroy said. “Throughout the country, McElroy Metal is blessed to have loyal employees, including many that have dedicated decades of service to the company [and] as a show of appreciation to those employees, I am proud to announce McElroy Metal has transitioned into an ESOP company.”
The statement said that the structural change in equity would not affect management or leadership, and McElroy will continue to serve as the company’s president. Details of share value and equity stakes were not disclosed.
For more information, visit mcelroymetal.com.