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Travel and Transport's ESOP Finalizes Transaction
to Become 100% Employee-Owned |
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| (Omaha, NE, September 6, 2002) -- Travel and Transport, an Omaha-based travel management firm, recently announced the final phase of its Employee Stock Ownership Plan and Trust (ESOP) strategy by completing their transaction to become a 100% employee-owned company.
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| In 1991, Travel and Transport formed their ESOP with a 30% stake in the company, followed by the purchase of an additional 40% in December 2000. William H. Tech, President and CEO of Travel and Transport, said, "It had been a goal of both the company and its shareholders, since the ESOP was formed in 1991, to eventually transition complete control of the company to its employees."
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| Travel and Transport was most recently named by the National Center for Employee Ownership (NCEO) as the 74th largest employee-owned company in the United States. The NCEO compiles a list of companies in which a majority of the stock is owned by an employee ownership plan where most or all employees can participate.
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| Employee ownership has become more common in the United States. Approximately 25% of the private sector workforce now owns stock in their companies through employee stock ownership plans (ESOP's), stock option plans, employee stock purchase plans or 401(k) plans. Research on employee-owned companies shows that employee ownership improves corporate performance. Studies have also shown that companies with employee ownership plans grow at a faster pace in terms of sales, employment and productivity when compared to similar companies without employee ownership plans.
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| "We are very excited with this transaction and believe that significant competitive advantages apply to a completely employee-owned company. We continue to be extremely responsive to a changing market and our customers' diverse needs. This action by our ESOP, coupled with our recent launch of eTTek Solutions, positions us well to continue our strong growth strategy," said Tech.
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| Founded in Omaha in 1946, Travel and Transport has grown to become the 9th largest travel management firm in the United States. With annual sales of $675 million, and over 750 employee-owners, Travel and Transport currently services over 1,000 corporations nationwide. For over 55 years, Travel and Transport has been providing leading edge travel management solutions. As the largest employee-owned travel management company in the United States, the employee-owners of Travel and Transport offer unparalleled service and state-of-the-art technology products, including eTTek Solutions, a suite of technology products and comprehensive services designed to offer clients innovative solutions that minimize travel expenses while maximizing efficiency.
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| Through our dedication to excellence and commitment to service, our employee-owners work hard to provide all of our clients with superior service and maintain mutually beneficial partnerships. For more information about Travel and Transport, please visit our web site at www.tandt.com or for further information on eTTek Solutions, visit www.etteksolutions.com.
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