Elastec is excited to announce that the Company is now owned by the employees under an Employee Stock Ownership Plan (ESOP). A meeting on December 28th, 2023 with Elastec shareholders and board of directors approved the transaction effective for the year ended December 31, 2023.
The Employee Stock Ownership Plan will give Elastec employees the opportunity to have a vested interest in the Company. In addition to the ESOP Elastec continues to offer it’s employees attractive benefits such as an employer matched 401k retirement plan, flexible work schedule and health insurance among others. There are no planned changes to the structure of Elastec management or operations. This plan will support Elastec’s continued growth, flexibility, and sustainability as an independent company and significant contributor to the local economy.
Elastec sincerely thanks the founding shareholders for growing the Company into the international business it has become; Donnie Wilson, Jeff Cantrell, Jeff Bohleber, Bill Harmon and H. Phil Pearce.
With 75 years of combined manufacturing experience, Elastec’s locations in Carmi and Fairfield, Illinois and Cocoa, Florida, designs, develops and distributes environmental products such as oil spill response equipment, floating containment booms and barriers, and portable incinerators in 165 countries.
Elastec revolutionized oil spill recovery technology with the invention of the drum skimmer in 1990. Since then, the company has developed a broad portfolio of environmental cleanup products; oil skimmers, oil boom, boom reels, Hydro-Fire™ Boom, American Fireboom, BoomVane™, work boats, SmartAsh and MediBurn, and Drug Terminator incinerators, turbidity curtains, Brute Boom, and trash/debris devices to keep our world clean.
Elastec’s American Fireboom and Hydro-Fire® Boom systems were used extensively in the Deepwater Horizon incident for the insitu burning (ISB) of oil in the Gulf of Mexico in 2010. Elastec’s Hydro-Fire® Boom holds the GUINNESS WORLD RECORDS title for the “Longest Continuous Burn of Oil Spilled at Sea” for its performance during the Deepwater Horizon disaster.
Elastec’s Cocoa, Florida facility (formerly operating as American Marine) has been manufacturing floating booms, barriers, baffles and turbidity curtains since 1967 to protect sensitive marine habitats from silt and sediment pollution as well as to control floating trash, debris and invasive aquatic weeds in our waterways, rivers and oceans.
