Torch Technologies announced today the completion of another major step forward in realizing its cornerstone commitment to its employees and customers to becoming 100-percent employee-owned. Torch Technologies, a premier provider of superior scientific and engineering services, completed the repurchase of 970,787 shares of stock. This represents the fourth of 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.
In addition, Torch completed the purchase of another 835,000 shares from other outside investors.
“These purchases help enable Torch to fulfill our commitment to employee ownership,” Bill Roark, co-founder and CEO, said. “Torch recently made our annual contribution to the account of each qualified employee via our Employee Stock Ownership Program. We are realizing our goal of rewarding the people who make us successful by placing the ownership of the company in their hands. We continue to believe that pride in ownership results in a firm commitment to excellence from our employee-owners.”
This year’s ESOP contribution was 800,000 shares, bringing employee-ownership to well over 70 percent.