The past 12 months have been an exciting time at Packard. We areinvesting in ourfuture by continuing to add brick and mortar locations. The company relocated its corporate office in late 2017 to a new 154,000-square-foot space, which more than doubled its previous location. In 2015, Packard opened its Indianapolis Distribution Centerwhich serves the Midwest and added a third DC in Chandler, Arizona in February, which will meet the needs of its West Coast customers. Packard transitioned to an employee stock ownership plan (ESOP) in August 2017, to secure the company’s unique culture into the next generation. The purpose of this ESOP is to enable Packard’s eligible employees to share in the growth and prosperity of the company, accumulate capital for their future economic security and acquire beneficial stock ownership interests in the company.Packard continues to grow by partnering with new suppliers as well as releasing new private label products. In September2018, Packard partnered with Cooper Atkins to add a new line of temperature monitoring solutions for global Foodservice,Healthcare and Industrial markets. Packard is also partnering with Southwire, North America’s leading manufacturer of wire and cable used in the distribution andtransmission of electricity.In January2018, Packard released a new Electronically Commutation Direct Drive Blower Motor called the EC Max®. This motor has been extremely successful because of the amount of motors one model can replace. It helps the contractor so they only carry 4 Horse Power variations that can replace115 Volt and 230 Volt X13 and PSC motors.