From Deseret News archives:
WesTech workers involved, rewarded
But the influence of Larsen and WesTech's founders will long remain, in a company that gives its employees ownership of the company and high levels of insight into its bottom line.
When Larsen joined WesTech in 1983, the company was a small environmental equipment firm that had difficulty going up against the large conglomerates that were its competitors.
WesTech improved its position by offering low pricing, faster deliveries and superior service, particularly for customers with special needs. In time, WesTech became a major supplier of process equipment in the United States.
The company has stayed true to its roots. In 1983, WesTech established an Employee Stock Ownership Plan to provide tax-advantaged capital to the business, as well as a mechanism for buying out the founders when they wanted to retire.
As those founders retired, WesTech's management kept the process nearly transparent to employees. Now, about 50 percent of WesTech's pretax profits are shared among employees.
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