Jasper Engine and Transmission Now 100 Percent Employee-Owned
Jasper owners/managers have sold their shares in the company to the company's 1,471 employees.
remanufacturer Jasper Engine and Transmission has announced the
transfer of 100 percent of its stock to a newly formed company Jasper Engine and Transmission 100 Percent Employee Stock Ownership
Jasper owners/managers sold their shares in the company to the
company's 1,471 employees. On an annual basis, all full-time Jasper
employees will earn shares of stock based on their compensation levels.
President and CEO Doug Bawel, said, “We are so proud of what our
associates have built the past 68 years. We wanted to have a method to
reward our people for their efforts, preserve the jobs in the
communities of Southern Indiana and Willow Springs, Mo., along with
passing along the Jasper legacy. It was a natural fit and the right
thing to do.”
Bawel noted that the company's benefit and pay package remains
unchanged, including Jasper's successful quarterly bonus and 401k
profit sharing plan. "This 100 percent Employee Stock Ownership Plan is
an additional retirement benefit made available to all full-time
associates throughout all subsidiaries of the country," Bawel noted.
“This ESOP, unlike most ESOPs, is 100 percent financed by the
shareholders,” he added. “We want our associates to know the management
team is going to be very active to make sure our great company is
poised for generations to come. We are excited to be a part of this
transition and legacy. Our customers will continue to experience the
highest quality products and service in our industry.”
Jasper had manufacturing facilities in Indiana and Missouri with 40 additional branch locations around the country.
This is outstanding news. Most company's try to find some way to encourage emoployee "buy in". This is definately to reward all those people that made that company what is today. Congradulations everyone!
by: jim ertresvaag 3/19/2010