One of the oldest manufacturing companies in North Dakota has been sold. Fargo-based Hebron Brick Co. was recently turned over to its employees through a complicated process known as an Employee Stock Ownership Program (ESOP).
Hebron Brick Co. President Jeff Laliberte says former owner Rodney Paseka wanted to make sure the company remains in North Dakota. “It’s a complicated transaction, but in the end, it’s a great thing” Laliberte said. “The employees end up owning this historic North Dakota company. We wanted the Hebron Brick name to last and we want it to be around for the next generation.”
Laliberte said Hebron employees didn’t even know they bought the company until they were told earlier this month. “I announced that the company had been sold and said ‘you guys are the new owners.’” The transaction took about six months to complete. Laliberte said the employees don’t have to worry about financial responsibilities because the company’s earnings go towards purchasing shares for the employees.
Hebron Brick has 171 employees at seven store locations in North Dakota, South Dakota and Minnesota. The company owns manufacturing plants in Hebron, ND and Mandan, ND.
Read more: Employees purchase Fargo-based Hebron Brick Co. | News | KFGO-790