Three Million Dollars Given to Hanover Employees

For the past nine years, Hanover has been putting money into employees’ pockets through the company’s ESOP Program.  ESOP, also known as the Employee Stock Ownership Program, is given to all Full-Time, non-union vested employees and is paid in Hanover Foods common stock.  To date, the company has given back three million dollars to employees through this program.  The value of the stock when it is redeemed varies.  But in 1998, when the program began, the value of a share was $25.00.  Today that same share is valued at $161.00; Quite an increase!!  This has happened because of the efforts of the company’s employees, more specifically, through the ideas given by ESOP employees.  Fresh ideas on how to improve profits are the backbone of successful ESOP programs.