10 Facts About Being 100% Employee-Owned
October 11, 2013
October is Employee Ownership Month and Chatsworth Products Inc. (CPI) is proud to have retained a successful Employee Stock Ownership Plan (ESOP) structure throughout the years. This unique culture is both inspiring and rewarding. As company owners, our core values are based on shared risks, responsibility, and accountability. Our pride of ownership and the mutual trust and and respect we feel for one another is reflected in the company's motto: "We're All in This Together."
Here are 10 Facts about ESOPs and CPI:
10. Employees only receive their first stock allocation after they have been employed for a complete plan year AND worked at least 1,000 hours in that plan year.
9. Distributions of shares occur after employees have terminated from the company as a fully vested employee in accordance with the Distribution Policy.
8. CPI has three manufacturing plants in the United States located in Chatsworth, Calif., New Bern, N.C., and Georgetown, Texas; and office locations in Canada, Latin America, EMEA and APAC regions. Go here to contact a representative in your area.
7. ESOPs are regulated by the Department of Labor and the Internal Revenue Service.
6. There are more almost 11,000 ESOP companies in the United States today, covering 10.3 million employees.
5. CPI sustains a long-term 100% employee-owned structure by being a profitable, flexible and efficient business.
4. The ESOP concept was created by Louis Kelso, an economist, corporate lawyer, author and banker.
3. CPI is in the select 30% to 40% of all ESOPs that are 100% employee-owned.
2. The ESOP concept was developed in 1956.
1. CPI’s Core Purpose is “To Delight the Customer.”
Here's a quick video of this great company!
Have you ever been an ESOP participant? If so, then share your experience with us in the comment box below.
Raissa Carey, eContent Specialist