Bismarck, ND – March 23, 2007 – Applied Engineering, Inc. Employee Stock Ownership Plan and Trust (ESOP) purchased all outstanding shares of Applied Engineering (Applied), making it a 100 percent ESOP-owned company.
“We believe this change will benefit Applied Engineering’s employees and customers, and will prepare us for a strong future,” said Dave Raatz, chief executive officer.
Applied Engineering, Inc. was established in North Dakota in 1986 and is a national provider of engineering and technology consulting services and a reseller of engineering and business productivity solutions.
The following organizational changes also occurred recently:
- Dwight Hinkel, one of the company’s original founders, retired as chief executive officer. He will continue to serve on Applied’s Board of Directors as chairman of the board and assist in a consultant capacity.
- Dave Raatz was named chief executive officer. He has been with Applied since 1993 in various engineering and management roles and has served as president since 1999. Raatz has also been named to Applied’s Board of Directors.
- Chris Billing is now the chief financial officer. Billing has been with Applied since 1991 as an accountant and controller. He will continue his roles as vice president of operations in Fargo and controller. Billing will also serve on Applied’s Board of Directors.
“We thank Dwight Hinkel for his dedication and contributions over the past 20 years,” Raatz said. “The new team is looking forward to continued growth and success.”
For more information, Dave Raatz, Chief Executive Officer, (701) 255-1137, firstname.lastname@example.org.