Loftness Specialized Equipment Inc. in Hector, Minn., is now 100 percent employee-owned. It joined an employee stock ownership plan on Jan. 1.
“Our employees, as well as the entire community of Hector, mean very much to us, so we’re excited to present them with this new opportunity to take ownership in the company,” said Gloria Nelson, president and CFO of Loftness.
Loftness Manufacturing was founded by Dick Loftness, a farmer from Hector, and initially produced a line of snow blowers. In 1979, Loftness sold the company to another local farmer, Marv Nelson, who helped expand the business into other product lines.
After Nelson’s death, ownership of the company was split among family members.
Source: West Central Tribune | Member since 1980 | loftness.com