Utah-based distributor announces ESOP plans
Orem, Utah-based Mountainland Supply Co., and Contractors Heating & Cooling Supply recently formed an employee stock ownership plan or ESOP.
Mountainland and Contractors noted the transaction strengthens their positions in the marketplace to support the growing demand of their intermountain customer base. The transaction includes a fully funded ESOP program for more than 400 employees who currently occupy 20 locations throughout Utah and now Wyoming.
Mountainland Supply and Contractors Heating & Cooling Supply started business in 1947 as Provo Plumbing and Heating Supply in the bustling postwar downtown of Provo, Utah.
Today, the company’s activities comprise the wholesale distribution of high-quality products from manufacturers for pipe, valves, fittings, plumbing and appliance supplies, heating and air conditioning, hydronics, radiant heating, waterworks, turf and agricultural irrigation, geo textiles, pump systems, and smart water and gas reading systems for its local cities, it noted.
The company added that Mountainland and Contractors continues to be an independently operated and now employee-owned leader in the marketplace.
“Research has proven over and over that employee ownership builds successful, competitive companies, and creates equitable wealth for employees by offering better wages, benefits and often twice the retirement income for employees than non-ESOP companies,” the company stated. “With a strong culture of engaged employee-owners, a robust sales and marketing strategy, and forward-thinking vision, Mountainland and Contractors are poised for a bright and successful future.”