Cylinder and bulk tank specialist Cyl-Tec has become a 100% employee-owned company through an Employee Stock Ownership Plan (ESOP).

Source: Cyl-Tec

Employees learned about adding ‘owner’ to their titles at a company holiday party in December and the transfer of shares means they now directly benefit from the growth of the Aurora, Illinois-based company. 

President Tom Bennett and his brother, Executive Vice-President John Bennett, previously owned Cyl-Tec, which was founded in 1990 by their brother, Jim, and their father, George.

Tom Bennett said, “I can’t think of anyone better to sell the company to than our employees who have worked every day to make Cyl-Tec successful. They are the ones who are committed most to continuing Cyl-Tec’s mission and will ultimately benefit from its growth in the future.”

Tom plans to remain as President and CEO of Cyl-Tec over the next several years until his retirement, according to Cyl-Tec.

He added, “Cyl-Tec employees over the years have always acted like owners. Now, I’m excited to say they literally are owners and will share in the financial benefits of a thriving, growing company such as Cyl-Tec. I am very glad to be a part of it and look forward to our bright future.”

Elliott Levine, Engineering Manager, who has worked at Cyl-Tec for ten years, “I’m thrilled that the company I work for cares so much about the employees and our future to provide us with this additional benefit.”

Cyl-Tec officially became an ESOP company as of 23rd December, 2021.

Cyl-Tec’s line of products range from high pressure cylinders and beverage carbon dioxide carbonation systems to heavy-duty industrial bulk stations, including remote telemetry for accessible, up-to-the-minute tank monitoring.