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Hyspeco Snapshot
Hyspeco Inc. is setting the standard for design, manufacturing, application, installation, and delivery of fluid power products & engineering emergency & preventive maintenance field services.
Our progress is driven by the family built atmosphere and employee-owner mindset.
Our progress is driven by the family built atmosphere and employee-owner mindset.
Hyspeco was founded in 1968 when Buford “Penny” Pendergrass saw a need for specialized hydraulic and pneumatic components in Wichita, Kansas.
The decision to become an ESOP company came in 1989. Bob Stancer (who had purchased the company from Penny Pendergrass) had made the decision to sell the company; however, employees felt that since the company could not find a buyer at the time, they wanted to purchase it and become an ESOP company.
The impact of becoming an ESOP was positive, this move created stock options for employees and every employee now had a stake in the company. ESOP allows for each employee to have an equal vote in the company, and since 1974 has become the most widespread company stock plan in the U.S. There were benefits to the company as whole because Hyspeco does not pay federal or state business taxes. The benefits for employees include owning a small part of a company as well as having retirement and 401K benefits.
The decision to become an ESOP company came in 1989. Bob Stancer (who had purchased the company from Penny Pendergrass) had made the decision to sell the company; however, employees felt that since the company could not find a buyer at the time, they wanted to purchase it and become an ESOP company.
The impact of becoming an ESOP was positive, this move created stock options for employees and every employee now had a stake in the company. ESOP allows for each employee to have an equal vote in the company, and since 1974 has become the most widespread company stock plan in the U.S. There were benefits to the company as whole because Hyspeco does not pay federal or state business taxes. The benefits for employees include owning a small part of a company as well as having retirement and 401K benefits.
