Loftness Specialized Equipment Inc. has joined an employee stock ownership plan (ESOP) and is now 100-percent employee owned.
As of Jan. 1, 2020, Loftness Specialized Equipment Inc. has joined an employee stock ownership plan (ESOP). Through this change, the Minnesota-based manufacturer of agricultural and vegetation management equipment is now 100-percent employee owned.
"We're proud to become 100-percent employee owned," said Gloria Nelson, president and CFO of Loftness. "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. It's also an exciting time for our dealers and customers, since our dedicated employees will ensure the advancement of our company's innovation and legacy."
Loftness Manufacturing was founded in 1956 by Dick Loftness, a farmer from Hector, Minn., 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, including vegetation management equipment, grain bagging equipment, crop shredders, and fertilizer and lime spreaders. After Nelson's passing, ownership of the company was split between his wife, Gloria, and sons Dave and Steve Nelson.
Loftness Specialized Equipment manufactures the VMLogix line of vegetation management equipment, the GrainLogix line of grain bagging equipment, the FertiLogix line of fertilizer and lime spreaders, and the CropLogix line of crop shredders.
For more information, call 800/828-7624 or visit www.loftness.com.