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Salem Distribution reports big gains after going to employee ownership

Post Time:Nov 12,2013Classify:Industry NewsView:54

Glass fabrication equipment supplier Salem Distribution Co. of Winston Salem, N.C., has grown about 60 percent in the last two years, according to company vice president, Howard Hanes. The company also has seen a 15 percent growth in the first half of 2006 over the same period last year. Hanes attributed some of that growth to the company’s implementation of an employee stock ownership plan in March 2005. “Being employee owned, we have a lot more people with a lot more enthusiasm,” Hanes said. “Everyone pushes harder, so we’re seeing very nice growth. Now we know there are other people who have sleepless nights.” Salem’s rapid success helped it earn a place on the North Carolina Business Journal’s Fast 50 list. The 34-year-old Salem Distribution ranked 33rd on the list that consisted of mostly young startups, according to a company release. “We’re truly a different Salem,” Hanes said. The annual Fast 50 ranks companies in the state’s Triad region on revenue growth over a three-year period, using a formula that weights both dollar and percentage growth. To see a complete list of Fast 50 companies and to learn more about the ranking, click here.Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/salem-distribution-reports-big-gains-after-going-employee-ownershipAuthor:

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