Torch Completes Stock Buyback Installment in Eastside Agreement
Huntsville-based Torch Technologies announced today the completion of another major step forward in realizing its cornerstone commitment to its employees and customers to becoming an employee-owned company. The company, a premier provider of superior scientific and engineering services, has completed of the repurchase of 970,787 shares of Torch Technologies stock. This stock represents the third 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.
This purchase is just one of the ways that Torch is fulfilling our commitment to employee ownership. Torch recently made our annual contribution to the account of each qualified employee via our Employee Stock Ownership Program.
“We are realizing our goal is to reward the people who make us successful by placing the ownership of the company in their hands,” William Roark, co-founder and CEO of Torch, said. “We continue to believe that pride in ownership results in a firm commitment to excellence from our employee-owners.”
This year’s contribution was one million shares, bringing employee ownership to well over 60 percent.