Washington, D.C. (May 2) – Toll Company of Plymouth, MN, has been named the 2003 ESOP Company of the Year by The ESOP Association. The ESOP Association is the only national, non-profit organization representing companies with employee stock ownership plans (ESOPs).
Established in 1945 as Toll Gas and Welding Supply, Toll Company is a distributor and retailer of welding and safety equipment, as well as industrial, specialty and medical gases. The company has grown to a network of eight branches, all within the Twin Cities metropolitan area.
Since its inception in 1975, Toll’s ESOP has played a vital role in the company’s growth, sales and profitability. Today, the company operates as a 100% employee-owned S Corporation. The company’s selection as ESOP Company of the Year was based on its incredible dedication to promoting an employee ownership culture, and to fostering an environment in which all employees truly think and act like owners of the company.
“Toll Management promotes employee ownership in various styles, including an open-book and open-door management style,” observed Sheryl Neuman, Human Resources Administrator. Open-book management is a growing trend among ESOP companies.
“The Toll Company’s business plan contains a clause which states, that Toll wants to ‘become an organization where ALL employees capture the passion of being an ESOP participant,’” commented Association President J. Michael Keeling, CAE. “I am pleased and proud to honor Toll Gas as the 2003 ESOP Company of the Year.”
Toll Company was selected for this prestigious award from a competitive field of 13 nominations from The ESOP Association’s state and regional chapters.
Founded in 1978, The ESOP Association represents nearly 1,300 ESOP companies and 750,000 employee owners who believe that employee ownership will improve American competitiveness, increase productivity through greater employee participation and strengthen our free enterprise economy.