October 12, 2007

Greenheck's ESOP was merged into the 401(k) plan on September 28. A letter from Dwight Davis and Bob Greenheck announcing the completion of the merger and a Retirement Planning Guide have been mailed to employees affected by this transition. In addition, voluntary employee meetings explaining the benefits of the enhanced 401(k) are being held across the country this week and next week.

Final ESOP account statements (if applicable), are expected to be sent to employees in mid-October. Questions can still be directed to this Web site at www.my greenheck.com or by contacting Greenheck's HR department. Additional information about how to invest in Greenheck's 401(k) plan is available at www.wellsfargo.com/retirementplan.

September 19, 2007

Final financial arrangements for the merger of ESOP share values into Greenheck’s enhanced 401(k) Retirement Savings Plan are continuing. The target date for completing those arrangements is September 28.

September 11, 2007

We are pleased to announce that the union contract in California was ratified last Friday, September 7 and has been extended one additional year to the fall of 2010. That means only the financial arrangements need to be completed to move forward with the merger of employees’ ESOP values into the enhanced 401(k) plan. The board of directors is working toward a target date of September 28 for completing the transaction.

When the transaction is finalized, Greenheck employees will receive a mailing informing them of the news and including more details about how the transaction will proceed. In the meantime, you can learn more about the various investment funds available through our 401(k) plan (including the new Target Date Funds) by visiting the Wells Fargo Web site at www.wellsfargo.com/retirementplanning. Employees also can get to the Wells Fargo site from the Greenheck Intranet by simply clicking on 'Benefits' (found near the upper left hand corner), then clicking on '401(k) Plan/Wells Fargo website' (found near the lower right corner).

We also expect to mail additional information about retirement planning and how to get the most out of your enhanced 401(k) to each employee’s home in early October. Voluntary employee meetings also will be scheduled during October to further assist you.

September 6, 2007

August 28, 2007

Union negotiations in California and Kentucky are in progress and financial arrangements are still being worked out. Be assured that once these matters are resolved, you will have plenty of time to learn more about the enhanced 401(k) benefit and to make the necessary decisions on your future retirement planning. We have more answers to some of the most popular questions being asked. Check it out at Questions You May Have.

Wednesday, August 22, 2007

Negotiations for financing the ESOP/401(k) merger are continuing this week, and the board of directors hopes to have those arrangements finalized by mid to late September. Once the terms for the financing have been approved, the company plans to hold more employee meetings in early October to present the details of the enhanced 401(k) and to address many of the specific questions employees have been asking. Please be assured that you will have plenty of time in October and November to learn more about this transition and to make good decisions about your future retirement benefits.

Management is also negotiating this week and next week with the unions in California and Kentucky and hopes to have those contracts finalized soon.

Greenheck’s manufacturing representatives were informed on August 2 that the ESOP Retirement Plan was being merged into our existing 401(k) program. Many reps were pleased to hear that Bob and Dwight would continue to lead the company in the future.

No other major new developments have taken place and until the financial arrangements are finalized later in September, there may not be much new information available to share with you. Nonetheless, we will continue to update this site at least once a week. We appreciate your patience during this process.

Friday, August 17, 2007

We are pleased to announce that the union contract in Schofield was ratified last Saturday. Negotiations with unions in California and Kentucky are now underway. In addition, negotiations are in progress for financing the transaction that will merge your ESOP share values into the new 401(k) program. We are anticipating that both of these next steps will be concluded by mid-September. At that time, we expect to hold additional employee meetings to further explain the details of the new 401(k) program and to answer specific questions employees have submitted.

August 7, 2007

We are continuing to get some excellent questions asking for specific information about the ESOP transition. As we have stated in previous communications, this is an ongoing process and all the details have not been finalized.

Many recent questions are related to the features of the new 401(k) as well as specific questions about benefit eligibility dates. All features of the newly enhanced 401(k) Plan will not be finalized until conclusion of the negotiations with the union. Therefore, we are unable to address any specifics of the program until the negotiations are concluded. We know these are important issues for you, but we will have to answer very specific questions later in the process when more information becomes available.

We are also planning more employee meetings, once the plan is finalized. At that time, we will be in a better position to provide specific information about the new retirement benefit.

Friday, August 3, 2007

Employee meetings are being held this week and next week in all locations with employees who are participants in the ESOP. A video recording of a July 31 presentation by ESOP advisors and Dwight Davis is being shown, and employees are being given an opportunity to ask questions. 

Some excellent questions also have been submitted on this Web site. Those questions  are being reviewed, and answers will be provided as soon as possible at employee meetings or on this Web site. Go to Questions and Answers to review some of these questions.

The Greenheck ESOP may be replaced.

A special committee of Greenheck board members (who are not participants in the ESOP or shareholders in the company) has carefully reviewed and evaluated Greenheck’s current capital structure, cash flows, value projections and strategic objectives as they relate to the ESOP. The committee, which was assisted by several independent, nationally recognized ESOP experts, determined:

1. Under the ESOP plan, Greenheck’s future obligation to repurchase highly valued stock from ESOP participants as they retire will require significant capital and limit the company’s ability to make necessary investments in continued growth. 

2. A retirement plan that merges employees’ current ESOP values into an enhanced 401(k) plan will serve Greenheck employees better by allowing them to diversify their investments and  reduce the significant financial risk associated with investing in a single company.  

Your ESOP shares may be rolled over into an enhanced 401(k) plan.

The special committee recommended that the Board enhance the current 401(k) plan and merge present ESOP values into the plan as soon as possible. Greenheck management has begun exploring the necessary steps to merge the ESOP into an enhanced 401(k) retirement plan. If implemented, the full value of the ESOP shares allocated to your ESOP account will be rolled over in cash into a new account established for you in the 401(k) plan. 

Your status as stakeholder will be preserved.

Management wants you to continue to have a stake in the company’s future success. Under the enhanced 401(k) plan the company is considering, you would receive annual contributions plus the possibility of additional matching contributions based on financial results each year. The key difference would be that you would receive annual cash contributions to your retirement account versus uncertain stock value under the ESOP.

Your interests are a priority.

An independent ESOP fiduciary and their advisors will determine the full value of your ESOP shares and ensure that this transaction is conducted for the exclusive benefit of the ESOP’s participants. Furthermore, the entire process is subject to review by the Internal Revenue Service and the U.S. Department of Labor.