Bandit Industries owners Mike Morey Sr., Dianne Morey and Jerry Morey announced they would sell 100 percent of the company to their employees in an employee stock ownership plan (ESOP). Under the ESOP, Bandit will retain its current leadership and key management personnel will remain in place. It will also allow Bandit to always remain Bandit.
The announcement comes after two previous attempts to sell Bandit Industries – once to another manufacturer and once to a private investment firm.
Bandit is growing rapidly with 20 percent growth per year with two plant expansions currently underway and several new products being introduced later this year.
Bandit also recently entered into an agreement with ARJES GmbH, a slow speed shredder manufacturer from Germany. Bandit will sell and distribute the ARJES products in the Americas, Australia, New Zealand, South Africa, Indonesia and other parts of the world. The product line is amazing and will shred almost anything, including cement with rerod, asphalt, steel belted tires and complete cars and trucks.
Bandit will celebrate its 35th anniversary this September with a dealer meeting and a field day open to the public. All Bandit products will be shown, including new products about to be released and the ARJES line of shredders.
Published in the July 2018 Edition
