Huntsville-based Torch Technologies announced today another major step forward in realizing its cornerstone commitment to its employees and customers to becoming an employee-owned company.
Torch Technologies, a premier provider of superior scientific and engineering services, has completed the repurchase of 970,787 shares of Torch Technologies stock. This stock represents the second in five installments in a buy-sell agreement with Eastside Partners.
“This stock will be returned to the treasury for future distribution in our Employee Stock Ownership Program,” William Roark, co-founder and CEO of Torch Technologies, said. “It is just one of the ways that Torch is fulfilling our commitment to employee ownership. Our goal is to reward the people who make us successful by placing the ownership of the company in their hands. We believe that pride in ownership results in a firm commitment to excellence from our employee-owners. This commitment to excellence contributed to extraordinary growth again in 2006.”
Torch makes an annual contribution to the account of each qualified part- or full-time employee via our Employee Stock Ownership Program. This year’s contribution was one million shares.
Employee ownership is now well over 50 percent. As a result of these transactions, and with continued success, Torch Technologies expects employee ownership will reach 100 percent by 2010.