Loftness Specialized Equipment Inc. based in Hector, MN has joined an employee stock ownership plan. Through this change, the manufacturer of agricultural and vegetation management equipment is now 100 percent employee-owned.
“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,” said Gloria Nelson, president and CFO of Loftness, in a news release.
Loftness Manufacturing was founded in 1956 by Dick Loftness, a farmer from Hector, 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 Marv Nelson’s death, 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.
Source: West Central Tribune