Custom injection molding company Diversified Plastics Inc. (Minneapolis, MN) has received the Company of the Year Award from the Minnesota/Dakotas chapter of the ESOP [Employee Stock Ownership Plan] Association. Since the employees took ownership of the company in November 2011, its stock value has increased almost sevenfold.
"Our employees have always thought of themselves as more than just employees. Even before the conversion to ESOP, they took pride in the company and worked hard," said Annette Lund, Vice President, in a prepared statement. "They are truly dedicated to the success of the company."
Diversified Plastics has a strong commitment to employee ownership through its involvement in the ESOP association and its programs, providing ongoing employee communications, and supporting employee participation, wealth creation, and individual dignity and worth, all of which are criteria for being named ESOP Company of the Year. The award committee was impressed that the company invited U.S. Senator Amy Klobuchar and U.S. Representative Erik Paulsen to visit Diversified Plastics for tours and an opportunity to speak about their support for ESOP companies. Diversified Plastics' community work was also recognized by the committee, who deemed it outstanding for a company of its size.