Established in 1931 and headquartered in Joplin, Missouri, Tri-State Motor Transit Co. is the nations oldest transporter of government munitions and ordnance, commercial explosives, radioactive materials and specialized shipping of hazardous cargo.
The 48-state irregular route hauler has received numerous service and safety awards for its performance and has supported numerous government efforts including Iraqi Freedom, Desert Storm, the Vietnam Conflict and other government services.
In making the announcement, President and Owner of the company, Glen Garrett said: "It is my understanding that this is a very rare occurrence in the transportation industry; however, the long distinguished service of all the employees here at Tri-State, particularly its fine quality drivers, deserves this opportunity for a secure future."
An Employee Stock Ownership Plan, or "ESOP" is a benefit plan governed by ERISA whereby the employees of a company establish a trust which, through contributions from the company, purchases company stock over a period of time leading eventually to full employee ownership. At retirement, employees receive the cash value of their allocated accounts.