Bandit Industries employees will soon have the chance to own the company they work for.
On June 7, Bandit Industries owners Mike Morey Sr., Dianne Morey and Jerry Morey announced they will sell 100 per cent of the company to their employees in an employee stock ownership plan (ESOP). Under the ESOP, Bandit will retain its current leadership and key management personnel. As well, an ESOP allows Bandit to always remain Bandit.
The announcement follows two previous attempts to sell Bandit Industries – once to another manufacturer and once to a private investment firm.
“We realized neither was a good fit for Bandit, so we made the decision to sell to our trusted employees,” said Dianne Morey.
Bandit Industries started out as Foremost Fabrications in a one-room shop about 35 years ago. Today, more than 60,000 Bandit machines are in use all around the world, and more than 200 dealer locations to serve customers in six continents. While the company began with six employees in a small mid-Michigan warehouse, Bandit now employs more than 400 people in more than 26,000 square metres of manufacturing space.
As well, Bandit is growing with about 20 per cent growth per year with two plant expansions underway and several new products being introduced later this year.
“It will be fun to watch our crew take it to the next level,” said Mike Morey, who developed the very first Bandit chipper in 1983 and founded Bandit Industries.
Bandit also recently entered into an agreement with Arjes GmbH, a leading slow speed shredder manufacturer from Germany. Bandit will sell and distribute the Arjes products in the Americas, Australia, New Zealand, South Africa and Indonesia.
RELATED: Cut-to-length abilities shine at ReadyQuip demo
Bandit will celebrate its 35th anniversary this September with a dealer meeting and a field day open to the public. All of the Bandit products will be shown, including the new products that are about to be released and the ARJES line of shredders.
“We are a leading supplier in all of the markets that we are in,” said Jerry Morey. “We have a very strong, dedicated dealer organization and a great crew, which is the key to our success. Our employees are experienced, smart and loyal to us. That is why we are so confident that an employee owned company is the right fit for Bandit. All our employees will have a stake in the company.”