PRODUCERS SERVICE CORPORATION
PROVIDING HYDRAULIC FRACTURING AND ACIDIZING SERVICES TO THE OILFIELD INDUSTRY
AND HIGH VOLUME WATER PUMPING SERVICES TO OTHER INDUSTRIES
1-740-454-6253
Located In Zanesville, Ohio
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Producers Service Corporation was founded in 1981. At that time, the Company was largely owned by Ohio residents with other interest in the oil & gas business.
In early 1994, the company's president, also the largest shareholder, decided it was time to retire. The stockholders voted to sell the company. An offer from a Canadian based firm was received and they were just interested in the operating equipment. Their plan was to purchase the equipment and ship it outside the country (China). This would cause the company to close and many employees would lose their jobs.
In late May of 1994, a shareholders meeting was called to consider the Canadian offer as well as the employee counter-proposal. Dan Pottmeyer, the company's Vice President at that time, proposed letting the employees have a chance to purchase the company. Shareholders voted unanimously to give the employees sixty days to obtain financing to match the Canadian offer. Most of the shareholders wanted to see the business continue in the area, if at all possible.
With cooperation from the Board, the deadline was extended and it enabled the employee group the time needed to put the offer together.
It certainly was not a small task. But with sheer determination, and not taking no for an answer, the employee group was successful in putting an offer together in 101 days.
Every employee agreed to roll his or her profit sharing accounts into the ESOP (Employee Stock Ownership Plan). With a combination of that money and a loan obtained from a local bank, the group was able to make a competitive bid. Approximately 10 existing shareholders stayed in place to help the deal come together.
On September 2, 1994, the loan papers were signed, and the deal was finalized. Producers Service Corporations' employees held approximately 85% of the company stock through an ESOP with the outside shareholders retaining about 15% of the company's ownership.
In September 1999, the original loan was paid off. The outside shareholders were bought out during 1999. At that time, the company converted to a S Corporation. As of January 2000, Producers Service Corporation has been 100% employee owned and operated.
We are members of the Ohio Oil & Gas Association (OOGA), and the Southeastern Ohio Oil & Gas Association (SOOGA).
Our main operating areas are in Ohio, West Virginia, and Pennsylvania. But we have completed work in Michigan, Indiana, Kentucky, and New York when our customers requested services in these areas.
Since 1994 we have been designing and fabricating our own equipment at our facility in Zanesville, Ohio. This personal design and fabrication best suits equipment for fracturing for our region and gives us the edge over many of our competitors for a specialized fracturing and/or acidizing job.
AN ESOP COMPANY Contacts ~ About Us ~ Hydraulic Fracturing and Acidizing ~ High Volume Water Pumping ~ Geographical Service Area © 2010 Producers Service Corporation •109 Graham St • Zanesville, Ohio 43701 |