Trinity Products, LLC Announces 100% Sale of Company to Benefit Employees with Stock Ownership Plan
Thursday, February 27, 2020
Posted by: Amy Blanchett
Saint Charles, MO – January 24th, 2020 Robert Griggs, President and CEO of Trinity Products, LLC. announced at a companywide meeting that he has sold 100% of his stock in Trinity Products and formed an Employee Stock Ownership Plan (ESOP) effectively making all employees a stakeholder in the company. Trinity Products is one of the nation’s largest producers of Steel Pipe for the construction industry focusing largely on Heavy Civil Bridge, Marine & Tunneling construction.
“Personally, I felt this option was the best for everyone at Trinity for several reasons,” Mr. Griggs shared. “First, this should be a seamless transition for our organization because we’ve been operating under an Open Book Management policy since 2001. Under Open Book Management Trinity has shared monthly financials with every employee and we’ve worked diligently to help educate our employees on how they impact the company’s financial success. Along with sharing of information, Trinity has shared in the profits by offering every employee the opportunity to earn an annual Profit-Sharing Bonus. So, to me, it feels like this should be a natural fit for the company and allows me to truly reward everyone who has helped build this organization over the years by providing all our employees with a substantial retirement benefit! Second, I see this as a great way to continue to improve on our culture as well as a tool to motivate current employees as they all truly have an ownership stake in the company. Third, I think this will be an invaluable tool moving forward when it comes hiring and retaining top talent. At the end of the day I have the peace of mind knowing that all of our hard-working and dedicated employees will reap the benefits of their continued hard work and success!”
The ESOP plan will help supplement the companies 401(k) plan which will remain in place along with the annual Profit-Sharing plan, making Trinity Products a truly unique organization to work for. An ESOP is an employee benefit plan, which provides company stock to employees as part of their retirement benefit plan. By becoming 100% ESOP-owned, all company stock is now held in trust by the ESOP and is distributed on an annual basis to all employees over time.
“This is truly an exciting day for everyone at Trinity Products, it allows us to keep our corporate culture in place which has truly been the driver in our success over the past 41 years”, said Griggs. “We discuss the core values at every company meeting, 1) We have a boss, the customer, serve them, 2) Serve the employees 3) Focus on Continuous Improvement, and 4) Share in the Profits of the Company! So, for me, to be able to give the opportunity for all of our employees to 100% share in the future growth and success of the Trinity, well I couldn’t be happier!”
Trinity Products was founded in January of 1979 as a steel pipe distributor servicing the underground utility and piling industries. Originally located, near Historic Main Street in Saint Charles, MO, Trinity Products has since relocated with facilities in Lake St. Louis & Saint Charles, MO as well as Fairless Hills, PA. In 2007, Trinity Products produced its first piece of spiralweld steel pipe in its new Pipe Mill located at their Saint Charles Facility. Today, Trinity has produced over 80,000 pieces of steel pipe, has more than 150 employee owners, has recently exceeded Annual Revenues of $100M., and is considered a leading producer of spiralweld steel pipe for the Heavy Civil construction industry in North America.