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MI-T-M Corporation recently became an employee-owned company.

A major Dubuque County manufacturing firm recently announced plans to become an employee-owned company. Peosta-based Mi-T-M Corporation recently indicated it will transition to an Employee Stock Ownership Plan (ESOP).

Mi-T-M founder and CEO A.J. Spiegel broke the news to over 400 employees at a company-wide event in July. Spiegel said the transition is the perfect way to invest in the employees who have made the company what it is today.

“I had been considering an ESOP for a few years. I wanted the employees to share in the benefits of ownership in the company and I wanted the Mi-T-M culture to live on in the community,” said Spiegel. “An ESOP was the perfect fit. It allows the employees to have an important role in the direction and growth of Mi-T-M. It allows Mi-T-M customers to continue with the long-standing relationships and allows the community to be supported by Mi-T-M as it has been for the last 50 years.”

Spiegel explained how the ESOP benefits its employees.

“This ESOP sets Mi-T-M apart from other employers. It allows the company employee to share in the growth of the company,” Spiegel said. “The longer the employee works at Mi-T-M, and the more profitable the company becomes, the employee’s stock grows each year in value.”

“Not often can a company employee actually have true ownership in a company. This ESOP rewards the employee for their efforts in making a difference,” explained Spiegel. “The ESOP is a real game-changer in the lives of the individuals that made it what it is today and what it will become in the future.”

Mi-T-M has built a reputation for excellence. Customers can expect that to continue.

“One tradition that will carry on with this ESOP is the Mi-T-M tradition of quality,” Spiegel said. “I have always strived for quality products and quality people at Mi-T-M. The customer can always depend on Mi-T-M. It is now, and will always be, the best-built equipment in the industry.”

Founded in 1971, Mi-T-M manufactures hot and cold pressure washers, industrial generators, air compressors and other industrial equipment for domestic and worldwide distribution.