Polyguard shares up, employees benefit
Tre Bischof, [email protected]
Polyguard Products of Ennis had good news for its employees during the company’s annual ESOP dinner Friday night at the Knights of Columbus Hall — profits are up.
The basic premise of a company run with an ESOP (Employee Stock Ownership Program) is the better a company’s profits, the better the employees do financially when they retire.
“We take a portion of our profits every year and fund the ESOP, which then buys shares in the company stock that is then allocated out to the eligible employees,” Polyguard President Shawn Eastham said. “It’s a free retirement account that doesn’t cost our employees anything except some sweat equity.”