Atlas Steel Products Announces ESOP
August 08, 2008
Atlas Steel Products Announces ESOP
Management Team Leads Associates’ Acquisition from Burr Family
TWINSBURG, Ohio (Aug. XX, 2008) – Atlas Steel Products today announced associates have formed an employee stock ownership plan (ESOP) and acquired the company from the family of the late Lawrence J. “Bo” Burr.
John Adams, formerly Atlas’ chief financial officer, has been named president and chief executive officer. Adams said Atlas’ management team was united in its wishes to acquire the company and continue operations in the spirit created by its late owner and chief executive.
“Bo always wanted Atlas to reflect the empowerment of all associates who work here,” Adams said. “He always treated associates as owners, and under Bo’s leadership, each major decision was a true group effort. So it was only natural that we pursue an ESOP, and we are grateful to be in a position to execute a transition that we believe will lead to Atlas Steel’s continued growth and success.”
Burr died April 28. He was 63.
The ESOP, for 100 percent ownership, was finalized Aug. 8. Atlas employs more than 80 people and the majority of them opted into the ESOP, which is comprised of management and non-management associates.
Bo recognized that in order for Atlas Steel to grow he would need other heat- and corrosion- resistant products in addition to aluminized steel to satisfy a growing customer base. In the late 1990s he hired a stainless steel product manager and installed a tube mill for the production of welded aluminized tubing. Both of these additions enabled Atlas to grow significantly over the last ten years.
Upon Bo’s death the current management team along with National City Bank put together an aggressive plan to transition Atlas Steel into a 100% ESOP by mid-summer.
Without Bo’s management style of creating an empowered workforce, it would have been difficult to develop the ESOP in that short time frame. He always encouraged all associates to view this company as theirs and that thought process was important in working through this transition.
Atlas is poised for the next chapter in its long history. Adams said the management team’s focus going forward is on sales growth and customer service and will invest in associates to become one of the top ten distributors of steel products in North America. “We believe in investing in people as much as investing in equipment, and we are committed to quality throughout our organization,” he said.
The excitement and efforts of the management team and associates in this new ESOP company is overwhelming. Atlas looks forward to expansion of the current business, enhancing customer growth, additional supply lines and new products.
In addition to Adams, the management team includes Fred Barrera, vice president and chief operating officer; John Zemon, vice president stainless sales & marketing marketing; Donald
Bair, vice president stainless product sales; George Gastel, vice president purchasing; Joanne Meredith, vice president administration; Jim Fisher, vice president quality assurance; and Vicki Widmor, vice president aluminized and tubular products.
Adams also credited Atlas’s customers and suppliers for their support of the organization during the transition and for their continuing support in the future.
In addition to National City Bank, Adams also credited Apple Growth Partners, Benesch Friedlander Coplan & Aronoff LLP, Jackson Lewis LLP, Maloney + Novotny and the Ohio Employee Ownership Center.