Hypertherm, a manufacturer of plasma, laser, and waterjet cutting systems, has announced the transfer of all its common stock into an Employee Stock Ownership Plan (ESOP), making the company 100% employee-owned under an S-Corporation structure.
Previously, Hypertherm’s ESOP, known internally as the Hypertherm Stock Ownership Plan or HSOP, held approximately one-third of the company’s stock. Controlling shareholders Dick and Barbara Couch created the plan in 2001, followed by a Global Stock Value Program (GSVP) for international associates in 2004.
Dick and Barbara Couch seek to ensure the continuation of Hypertherm as an independent company living its core values and pursuing the long-term interests of its customers, associates and communities.
“The well-being of our associates and shared rewards have been cultural cornerstones of Hypertherm since our founding in 1968,” said Dick Couch, founder and CEO. “Having the HSOP and GSVP own 100% of the company’s stock is a natural extension and completion of the journey we began in 2001.”
“We have witnessed the amazing power of associate ownership since we launched the HSOP and GSVP,” added Barbara Couch, Hypertherm’s vice president of corporate social responsibility. “We are delighted to transition ownership to our associates, who are best positioned to ensure that Hypertherm builds upon our strong culture, passion for technology and customer service, and commitment to our communities.”
Dick Couch will remain chairman of the board of directors, CEO, and trustee of the HSOP. Barbara Couch will remain a member of the board, VP of corporate social responsibility, and president of the Hypertherm HOPE (Hypertherm Owners’ Philanthropic Endeavors) Foundation, a philanthropic non-profit organization.
