Chatsworth Products (CPI) is one of more than 11,000 Employee Stock Ownership Program (ESOP) companies in the United States, and during the month of October, we celebrate how 100% employee ownership shapes our company culture, attitude and ultimately, our products and services.
Because we are owners, we are encouraged to think and act as business owners, which, in turn contributes to an increase in overall productivity, performance and employee participation. Simply put, such ownership creates a strong commitment to the attainment of our core purpose: delighting the customer through high-quality products and unrivaled customer service and technical support.
Our ESOP Journey
1991: Since a 1991 buyout by a Fortune 500 company, employee owners have helped the company achieve phenomenal growth, unattainable under prior ownership. Despite being a profitable and respected business unit of the parent organization, CPI's specialized product line no longer fit the corporation's core business strategy. Targeted for divestiture, employees were given an opportunity to purchase the business unit, setting the wheels in motion that would ultimately result in a 100 percent employee-owned company.
1993: CPI adapted to employee ownership with such ease, that just two years after inception, the California Chapter of the ESOP Association recognized CPI as the ESOP Company of the Year.
2008: CPI again was honored to be recognized by the California Chapter of the ESOP Association as the ESOP Company of the Year.
Today: As CPI enters its third decade as an ESOP company, we reflect with a sense of gratitude and pride, and we thank you for your continual support and business. It's helped us to grow from a single location in Chatsworth, Calif. to a company with offices and manufacturing capabilities located around the world.
As we continue the celebration this month, we'll keep our customers front of mind and remember that we're here today, in part, because of the mutual respect we feel for one another, which is reflected in the company's motto, "We're All in This Together."
To learn more about CPI, watch the company overview video.
Posted by Brittany Mangan, Digital Content Specialist at 10/9/2018