Volume 40, Issue 3 March 2005
Salem’s ESOP to Buy Outstanding Shares; Robert Long to Retire
Participants in the Salem Distributing Company Employee Stock Ownership Plan (ESOP) have announced plans to buy the remaining, outstanding shares that are owned directly or indirectly by Robert A. Long, president and chief executive officer. According to the announcement, the purchase will represent approximately 66 percent of the outstanding stock, which will make Salem 100-percent employee owned. The purchase is expected to take place in the next few weeks.
Long has also announced he will retire after 28 years with Salem, and expects to do so sometimes this month once all of the bank work and legal papers for the shares purchase are complete.
Long joined the company in 1977 as vice president, and has since served as president, chairman of the board of directors and chief executive officer. He will be succeeded by vice president Howard Hanes. Mike Willard, vice president of sales and marketing, will be appointed to the board of directors and replace Long as an ESOP trustee. Two additional outside members of the board of directors will also be added.
In light of assuming the new role as president, Hanes will be transferring some of his current responsibilities. The machinery sales division will be under Willard and the warehousing, shipping and receiving functions will be the responsibility of Maurice Fox, vice president and controller.
Texas Glass Association Supports Technician Licensing Bill
Senator Ken Armbrister has introduced a bill into the Texas legislature relating to the licensing and regulation of flat and auto glass technicians.
The bill is designed to ensure that all glass technicians are required to have the proper skilled knowledge and training to perform services in what is currently an unregulated industry, points out Vickie Stewart, president of the Texas Glass Association (TGA). The TGA issued a press release urging all citizens of the state to support the proposed legislation.
The bill is currently in the Business & Commerce committee.
“The Texas Glass Association takes consumers’ safety seriously and supports SB 305,” Stewart stated in the press release.
USGlass Magazine Named North American Sales Agent for GlassTech Asia 2005
Key Communications Inc., publisher of USGlass, and Door & Window Manufacturer magazines, has been named the official North American sales agent for GlassTech Asia 2005.
The show, which will take place November 30 - December 2, 2005, will be held in Bangkok, Thailand, at the Impact Arena Exhibition and Convention Centre.
Space on the show floor is available to participating exhibitors at the price of $270 USD per square meter. A shell scheme is also available per square meter at the price of $320 USD. The shell includes carpeting, partitions, the company’s name on signage, one table, two chairs, two lights, one outlet and one wastebasket. A pre-schedule appointment program is also being offered to exhibitors as an additional bonus.
GlassTech Asia will have more than 98 percent of its previous attendees returning for the 2005 event. Attendance is expected to increase from the more than 14,400 attendees that were a part of GlassTech Asia 2003.
All companies interested in exhibition at GlassTech Asia may contact Debra Levy of Key at 540/720-5584 ext. 111 or by e-mail at firstname.lastname@example.org. For more information on Key Communications Inc. visit www.glass.com. For additional show information regarding GlassTech Asia 2005 visit www.glasstechasia.com.
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