From Deseret News archives:

WesTech workers involved, rewarded

Published: Sunday, June 3, 2007 12:19 a.m. MDT
 |  E-MAIL | PRINT | FONT + - 
Dr. James Larsen is now partially retired, though he serves as chairman of the board and chief executive officer of WesTech Engineering, a Salt Lake-based manufacturer of equipment for water treatment and industrial processes.

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.

Story continues below
The ESOP accounts of long-term employees — of WesTech's six-person management team, four were hired as student engineers — have increased dramatically. Employees can see their impact on the company's success, which in turn increases their own financial success.

Comments

You can be the first to comment on this story.

Image

Dr. James Larsen

previousnext

Latest comments

because i'm rooting for them. they had those cute ladybug uniforms

It's funny that N.O.W. decides to comment on 'sexist' comments about a dirty...

BCS at-large bids up for grabs

Are you serious? MAYBE that might be remotely possible if BYU had beat FSU...

If the Cougs win by l-------That will be the greatest satifaction to me. I...

Cougars turn focus to dreaded rivals

I think Max Hall will scramble 75.5 yards for the winning touchdown as time...

BCS at-large bids up for grabs

No wonder Bronco thinks his own fans are ignorant. There is absolutely no...

Wheelchair athletes take to court

great job bro griffin ill talk to you on tuesday in your 6th period thats...

Deputies shoot Utah County gunman

I am grateful to the deputies who put their own lives on the line trying to...

Catholic bishop shames Kennedy

I'm impressed with Bishop Tobin's stand ! My stance on these issues is not...

BYU wins by one on a last minute safety.

Advertisements