AirPro announces ownership transfer
STAR JOURNAL REPORT
A Rhinelander industrial manufacturing company has been sold. Keith White, founder of AirPro Fan & Blower, which makes industrial-duty fans and blowers, has announced the ownership transfer of the company to its employees via an Employee Stock Ownership Plan (ESOP).
An ESOP is a qualified retirement plan that buys, holds, and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. The sale was finalized the end of July, 2016.
“Everyone here has been integral to the company’s success and selling the company to an ESOP enables us to reward them for their initiative and hard work,” White said. “This sale provides additional incentive for the people who are building the business to continue to take it forward because they are owners and personally vested in the company’s long-term success. Also, the employees who call the Rhinelander area “home” will maintain the opportunity to continue living where they have chosen with a good paying job to provide for their families. The ESOP concept is a win-win for all involved in the transaction.”
Founded in 2002, AirPro Fan & Blower Company manufactures industrial-duty centrifugal fans and blowers, including both pre-engineered and custom-designed products, such as backward inclined fans, backward curved fans, radial tipped fans, material handling fans, high-pressure blowers, and other centrifugal fans and blowers.