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Injection molder Diversified Plastics named ESOP Company of the Year

Custom injection molding company Diversified Plastics Inc. (Minneapolis, MN) has received the Company of the Year Award from the Minnesota/Dakotas chapter of the ESOP [Employee Stock Ownership Plan] Association. Since the employees took ownership of the company in November 2011, its stock value has increased almost sevenfold.

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Injection molder Diversified Plastics named ESOP Company of the Year

"Our employees have always thought of themselves as more than just employees. Even before the conversion to ESOP, they took pride in the company and worked hard," said Annette Lund, Vice President, in a prepared statement. "They are truly dedicated to the success of the company."

Diversified Plastics has a strong commitment to employee ownership through its involvement in the ESOP association and its programs, providing ongoing employee communications, and supporting employee participation, wealth creation, and individual dignity and worth, all of which are criteria for being named ESOP Company of the Year. The award committee was impressed that the company invited U.S. Senator Amy Klobuchar and U.S. Representative Erik Paulsen to visit Diversified Plastics for tours and an opportunity to speak about their support for ESOP companies. Diversified Plastics' community work was also recognized by the committee, who deemed it outstanding for a company of its size.

Over the past three years, employees have become educated on what it means to be an employee-owner. "It's been an evolution, but employees have grown to be more aware of offering improvements or suggestions that would help grow the company and what that means as far as an investment to them," said Roger Vang, Chief Financial Officer. "Our stock value has essentially tripled over the previous year and it was quite fun to see the employees' reactions when we reviewed their stock certificate statements with them."

The 37-year-old company is a full-service contract manufacturer, offering everything from design assistance and mold construction to intricate molding and cleanroom assembly. It serves the medical device, filtration, aerospace and other industries.

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